The US Government Accounting Office just released the federal government’s audited financial statement for 2015. And what a balance sheet it is!
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The Federal government has assets of only $3.3 trillion but liabilities of $21.5 trillion, leaving the US taxpayers with a net worth of … -$18.2 TRILLION!
The biggest asset on the Federal government’s book? Student loans amount to $1.2 trillion.
What is worse is that the $18.2 trillion in liabilities do not include the staggering unfunded future liabilities associated with Social Security, Medicare, and Medicaid. A more accurate figure would be around $200 trillion negative net worth.
Imagine applying for a loan with virtually no assets and $200 trillion in liabilities in net worth!
Of course, the US has the world’s largest printing press!
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