Home > Deficit, Doom, Entitlements, Sovereign Default, Taxes > US Treasury Financial Report

US Treasury Financial Report


This is scary, just in time for Tax Day.

The Treasury Department recently issued the 2009 financial report of the United States government. Whereas there is lots of talk in Congress and in the press about the federal budget, the annual report was released to near silence. That’s too bad, not only because the annual report is untainted by creative accounting but also because its message is too important to ignore.

Read the whole thing, then check out the Federal balance sheet, here.

United States Government
Balance Sheets
as of September 30, 2009, and September 30, 2008 (in billions)

2009         2010

Total assets………………………………………………………………………. 2,667.9      1,974.7

Total liabilities …………………………………………………………………. 14,123.8     12,178.2

Yeah it’s that scary. And remember that’s not even counting the unfunded entitlement liabilities, Medicare, and Social Security.

Add in Social Security, this is just for 2009:

Present value of future expenditures in excess of future revenue …………………………………………………………………. -7,677 billion

Gives us 21,800 billion in the hole for 2009 (Not counting Medicare).

Tea anyone?

Advertisements
  1. yttik
    April 15, 2010 at 10:22

    Hey, that looks just like my balance sheet! Not quite. I do get a chuckle out of some of these debt consolidation services and credit counseling. Are you 6 grand in debt? We can help you overcome your excessive spending habits! We need those services for the gov, not for consumers. What’s a few thousand compared to 10 trillion?

  2. kenoshamarge
    April 16, 2010 at 05:02

    Tea anyone? Obama is “amused” by the Tea Parties. I suspect in time he will not be quite so amused. But what can you expect from a second-rate party hack? We could have have leadership. We got a “Rock Star”who sees everything as party politics.
    http://thehill.com/homenews/administration/92625-obama-amused-by-tea-party-rallies

  3. April 16, 2010 at 13:19

    Ha ha he’ll be really amused come November 2012.

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: