If the annual gap between federal, state, and local government spending and revenues were equally divided among every household in the United States, how much would it be?
In 2018, federal, state and local governments spent $6.74 trillion and collected $5.51 trillion in revenues, leaving a gap of $1.23 trillion. This amounts to an average of $9,589 for every household in the United States. Per the U.S. Government Accountability Office, when governments spend more than they collect in revenues, the resulting debt is "borne by tomorrow's workers and taxpayers." These burdens can manifest in the form of higher taxes, lower wages, reduced government benefits, decreased economic growth, inflation, or combinations of such results.