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News Link • Government Debt & Financing

Distressed Nation: Each American Would Owe $700,000 To Eliminate Worsening Debt...

•, By Tyler Durden

Truth In Accounting (TIA), a 501(c)(3) - focused on government financial information, published a new report that suggests the federal government's overall financial conditions worsened by $4.5 trillion in 2018. The report also calculates the actual national debt on a per taxpayer basis.

With assets of $3.84 trillion, the federal government's unfunded obligations and debt total $108.94 trillion, which contributed to a $105 trillion debt burden.

"Our elected officials have made repeated financial decisions that have left the federal government with a debt burden of $105 trillion, including unfunded Social Security and Medicare promises. That equates to a $696,000 burden for every federal taxpayer," TIA states.

TIA rated the federal federal government with an "F" for its financial outlook and worsening fiscal situation that could trigger a crisis in the not too distant future.

TIA explains that while the $779 billion national deficit is troubling, it doesn't reflect the true financial situation.

"The overall decline in Net Position presents a better picture of the government's financial decline," the report states.

"The federal government's financial position continued to deteriorate – and much faster than indicated by the government's own 'bottom-line,'" TIA's Director of Research, Bill Bergman, said.

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