August 3, 2016

Treasury Report: Federal Fiscal Shortfall is $603,000 per Household


New data from the U.S. Treasury shows that the federal government has amassed $74 trillion in debts, liabilities and unfunded Social Security/Medicare obligations. This amounts to $603,000 for every household in the U.S., a fiscal burden that exceeds 90% of all the private wealth accumulated in the history of America.

Each year, the Treasury and White House are required by law to report on the “overall financial position” of the federal government. The law also requires the Government Accountability Office to audit the data, which is then published in the “Financial Report of the United States Government.”  More

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