{"id":31688,"date":"2018-02-27T17:01:57","date_gmt":"2018-02-27T22:01:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=31688"},"modified":"2018-02-27T17:01:57","modified_gmt":"2018-02-27T22:01:57","slug":"treasury-department-reports-1-2-trillion-loss-in-2017","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=31688","title":{"rendered":"Treasury Department reports $1.2 TRILLION loss in 2017"},"content":{"rendered":"
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Treasury Department reports $1.2 TRILLION loss in 2017<\/a><\/h3>\n
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Earlier this month, the United States government released its annual financial report<\/a> for the year 2017.<\/p>\n

This is something the government does every year, similar to how large companies like Apple, or Warren Buffett\u2019s Berkshire Hathaway<\/a>, publish their own annual reports.<\/p>\n

Unlike Berkshire and Apple, though, whose financial reports typically show strong, positive results, the US government\u2019s financial statements are a complete horror show.<\/p>\n

Right at the beginning of the report, the government explains that it\u2019s \u201cnet loss\u201d for the year was an unbelievable $1.2 TRILLION.<\/p>\n

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Read that number again.<\/p>\n

$1.2 trillion. That\u2019s simply staggering.<\/p>\n

It\u2019s larger than the size of the entire Australian economy\u2026 and constitutes a loss of more than $2.2 million per minute.<\/p>\n

This is not a conspiracy theory or irrational fantasy.<\/p>\n

This is the Treasury Secretary of the United States of America publicly announcing that the federal government lost $1.2 trillion<\/strong> on page \u2018i\u2019 of its annual financial report.<\/p>\n

What\u2019s even more alarming is that 2017 was a great year.<\/p>\n

There was no war. No recession. No epic financial crisis.<\/p>\n

In his introductory letter, in fact, the Treasury Secretary proudly stated that \u201c[t]he country enjoyed a pick-up in [economic] growth in 2017. Unemployment is at its lowest level since February 2001, consumer and business confidence are at two-decade highs, and inflation is low and stable.\u201d<\/p>\n

In short, everything was awesome in 2017.<\/p>\n

Even the government\u2019s overall revenue was a record high $3.3 trillion for the year.<\/p>\n

Yet despite all that good news\u2026 despite all those positive developments and record revenue\u2026 they STILL managed to lose $1.2 trillion.<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Treasury Department reports $1.2 TRILLION loss in 2017 Earlier this month, the United States government released its annual financial report for the year 2017. This is something the government does every year, similar to how large companies like Apple, or Warren Buffett\u2019s Berkshire Hathaway, publish their own annual reports. Unlike Berkshire and Apple, though, whose […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,7312,7313,15497,843,5453],"class_list":["post-31688","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-simon-black","tag-sovereign-man","tag-us-federal-debt","tag-us-government","tag-us-treasury-department"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31688"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31688\/revisions"}],"predecessor-version":[{"id":31689,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31688\/revisions\/31689"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}