economy
US Effectively Insolvent, House Budget Committee Chairman Calls Debt “Existential Threat” To Nation
While U.S debt surpassed $39 trillion on Wednesday, the country's liabilities are now eight times the value of its reported assets.
TL;DR
- U.S. national debt exceeds $39 trillion.
- Total federal liabilities and unfunded promises reach $136.2 trillion, five times the GDP.
- The U.S. is declared insolvent, with liabilities eight times the value of reported assets.
- Unfunded obligations from Social Security and Medicare total $88.4 trillion.
- Rep. Jodey Arrington calls for a constitutional amendment on deficits to address the fiscal crisis.
- An analogy suggests U.S. finances resemble a household earning $52,446 and spending $73,378 annually, with $1.3 million in debt.