Based on data from a U.S. Treasury report, the federal government has amassed $142 trillion in debts, liabilities, and unfunded obligations. This staggering figure equals 93 percent of all the wealth Americans have accumulated since the nation’s founding, estimated by the Federal Reserve to be $152 trillion.
Unlike other measures of federal red ink that cover an arbitrary period, extend into the infinite future, or ignore government resources, the figure of $142 trillion applies strictly to Americans who are alive right now and includes the government’s commercial assets. Thus, it quantifies the financial burden that today’s Americans are leaving to their children and future generations.
Complete Versus Incomplete Accounting
Federal law requires the U.S. Treasury to publish an annual report that details the government’s “overall financial position.” In addition to the national debt, the “Financial Report of the United States Government” also includes the government’s explicit and implicit financial commitments, such as: […]
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