How much larger are the federal government's debts, liabilities, and unfunded obligations than its annual revenues?
Balanced against the value of its commercial assets, the federal government had $114.3 trillion in debts, liabilities, and unfunded obligations at the close of its 2020 fiscal year. This shortfall amounts to 31 times federal revenues in 2020, or $889,802 for every household in the United States. Unlike calculations of the federal government's fiscal shortfall that extend indefinitely into the future, the figure of $114.3 trillion only includes debts, liabilities, and unfunded obligations for Americans who are alive right now. Thus, it represents the burden that today's Americans are placing on future generations.
DocumentationQuantifying the National Debt