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 2024 fiscal year, it had $144 trillion in debts, liabilities, and unfunded obligations. This amounts to an average burden of $1.1 million 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
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International Law
New York City mayor-elect Zohran Mamdani claims that New York is a “city of international law” and “should honor” the warrant “issued by the International Criminal Court” for the arrest of “Benjamin Netanyahu.”
