Treasury Report: True U.S. Government Shortfall Is $88.9 Trillion, An Average of $704K Per Household

President Trump has presided over economic growth, but the debt and long-term obligations of the U.S. government are still massive. If the national debt were officially calculated the way assets for private companies are calculated — by tallying assets, debts, liabilities, and obligations — the official federal debt would be $88.9 trillion, or $704,000 per household.

This represents no less than four times the projected national debt of roughly $20 trillion. The federal government uses accounting practices different from private companies, and so it can report a much smaller national debt than its true liabilities account for.

While the federal government reported a budget deficit of $666 billion for the 2017 fiscal year, a new comprehensive report from the U.S. Treasury showed that finances really deteriorated by $1,157 billion. The document explained that this difference comes from accrued costs that are not necessarily paid, such as estimated future costs of federal employee and veterans' benefits.

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