{"id":45515,"date":"2019-04-19T19:46:54","date_gmt":"2019-04-20T00:46:54","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45515"},"modified":"2019-04-19T19:46:58","modified_gmt":"2019-04-20T00:46:58","slug":"distressed-nation-each-american-would-owe-700000-to-eliminate-worsening-debt-situation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45515","title":{"rendered":"Distressed Nation: Each American Would Owe $700,000 To Eliminate Worsening Debt Situation"},"content":{"rendered":"\n

Distressed Nation: Each American Would Owe $700,000 To Eliminate\u00a0Worsening Debt Situation<\/a><\/h3>\n\n\n\n

Truth In Accounting<\/a> (TIA), a 501(c)(3) – focused on government financial information, published a new report that suggests the federal government’s overall financial conditions worsened by $4.5 trillion in 2018. The report also calculates the actual national debt on a per taxpayer basis.<\/p>\n\n\n\n

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With assets of $3.84 trillion, the federal government\u2019s unfunded obligations and debt total $108.94 trillion, which contributed to a $105 trillion debt burden.<\/p>\n\n\n\n

“Our elected officials have made repeated financial decisions that have left the federal government with a debt burden of $105 trillion, including unfunded Social Security and Medicare promises. That equates to a $696,000 burden for every federal taxpayer,” TIA states.<\/p>\n\n\n\n

TIA rated the federal federal government with an “F” for its financial outlook and worsening fiscal situation that could trigger a crisis in the not too distant future.<\/p>\n\n\n\n

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TIA explains that while the $779 billion national deficit is troubling, it doesn\u2019t reflect the true financial situation.<\/p>\n\n\n\n

“The overall decline in Net Position presents a better picture of the government\u2019s financial decline,” the report states.<\/p>\n\n\n\n

“The federal government’s financial position continued to deteriorate \u2013 and much faster than indicated by the government’s own \u2018bottom-line,\u2019” TIA\u2019s Director of Research, Bill Bergman, said.<\/p>\n\n\n\n

TIA pulled data from the “Financial Report of the U.S. Government” for the fiscal year ending Sept. 2018.<\/p>\n\n\n\n

TIA’s “bottom line” measures the government’s unfunded debt, jumped by $4 trillion in 2018, about 4 times faster than the budget deficit or net operating cost.<\/p>\n\n\n\n

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Interest expenses on the national debt have been one of the fastest growing expenses, “while the government’s estimate of the fiscal gap – the amount of spending cuts and\/or tax increases necessary to keep the debt\/Gross Domestic Product ratio from rising in the future \u2013 doubled,” TIA reports.<\/p>\n\n\n\n

“Perhaps the most alarming feature of the government’s release of its annual financial report was the public reaction: deafening silence; zero coverage in the mainstream media,” Bergman added.<\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Distressed Nation: Each American Would Owe $700,000 To Eliminate\u00a0Worsening Debt Situation Truth In Accounting (TIA), a 501(c)(3) – focused on government financial information, published a new report that suggests the federal government’s overall financial conditions worsened by $4.5 trillion in 2018. The report also calculates the actual national debt on a per taxpayer basis. With assets […]<\/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":[195,8554,4318],"class_list":["post-45515","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-us-government-debt","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45515","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=45515"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45515\/revisions"}],"predecessor-version":[{"id":45516,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45515\/revisions\/45516"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}