Federal Fiscal Shortfall
What is the average fiscal burden of the federal government's debts, liabilities, and unfunded obligations on each household in the United States?
Correct Answer
At the close of the federal government's 2023 fiscal year, it had $142 trillion in debts, liabilities, and unfunded obligations. This amounts to an average burden of $1,098,087 on each household in the United States. These figures are determined with federal data in a manner that approximates how publicly traded corporations are required by law to report their finances. Unlike reckonings of federal finances that extend into the indefinite future, this shortfall is only for American adults who are alive right now. Thus, it represents the burden that today's adults are placing on future generations. The consequences of this can manifest gradually or abruptly in the form of higher inflation and taxes, reduced wages and living standards, or combinations of such results.
DocumentationFederal Fiscal ShortfallNational Debt Consequences