The US Government Owes 123 Trillion Dollars In Hospital Payments
According to data from “Financial State of the Union 2021” report, annual analysis reveals colossal government debt to Americans.
Previously, the Treasury Department reported four times less debt than the analysis, namely $28 trillion. Chicago-based Truth in Accounting (TIA) clarified that official debt does not account for the short- and long-term economic costs of state shutdowns in 2020 or those that are still ongoing.
The federal government has $5.95 trillion in assets and $129.06 trillion worth of bills resulting in a $123.11 trillion shortfall, The Center Square reports.
According to these calculations, every American is obliged to give 800 thousand dollars to the budget.
The new analysis also shows that the current system is operating at a loss on an ongoing basis, which also leads to the conclusion that the national debt will only grow.
“Elected and non-elected officials have made repeated financial decisions that have left the federal government with a debt burden of $123.11 trillion, including unfunded Social Security and Medicare promises,” the report states.
It is also known from official sources that the US also has a crazy publicly held debt of $ 21.08 trillion, military and civilian retirement benefits of $ 9.41 trillion and other liabilities - $ 2.25 trillion.
TIA gave the U.S. government an “F” grade for its financial condition.
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