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?