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Data published in early August found America’s fiscal burden eats up more than 90% of our wealth.
The U.S. national debt surpassed $35 trillion in August, with roughly $78,000 in debt being added every second in the last year, according to Fox 59. “The United States is running a very large deficit at a time when we have full employment,,” Federal Reserve chairman Jerome Powell said in July. “The level of debt that we have is not unsustainable. The path that we’re on is unsustainable.”
Both political parties blame each other for the soaring burden, while neither has a clear pathway to eliminate this stress. Republicans cite the Biden administration’s American Rescue Plan for a slew of pandemic-related spending that helped further these issues. (TAKE A POLL: Is the Government Doing Enough to Address Unemployment?)
Higher Numbers?
Analysis by JustFactsDaily argued that a U.S. Treasury report found more than $142 trillion in debts, liabilities, and unfunded obligations. This equals 93% of America’s wealth since its founding.
“Unlike other measures of federal red ink that cover an arbitrary period, extend into the infinite future, or ignore government resources, the figure of $142 trillion applies strictly to Americans who are alive right now and includes the government’s commercial assets. Thus, it quantifies the financial burden that today’s Americans are leaving to their children and future generations,” the report states. (TAKE A POLL: Do You Feel Confident About the Current State of the Economy?)
“Such ‘fiscal exposures,’ as explained by the U.S. Government Accountability Office, ‘represent significant commitments that ultimately have to be addressed.’ Thus, GAO stresses that ignoring them can ‘make it difficult for policymakers and the public to adequately understand the government’s overall performance and true financial condition.'”
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