Why in the Hell Isn't This Front Page News Every Single Day!?!
What I’m about to tell you should be front page news. But it won’t make it to the front page because there’s an agenda to keep you in the dark about things that really matter.
Usually around the middle of February each year, the US Treasury Department releases an annual report of the federal government’s financial condition. This is that report. Most Americans haven’t taken the time to look at it.
It’s called the Financial Report of the US Government… and it looks a lot like an annual report that you might see filed by a big company like Apple or Facebook.
Except that, unlike Apple and Facebook, the US government’s annual report is absolutely gruesome.
This year’s report is no exception, save for one humorous anecdote: they released it a month and a half late.
I’ll leave a link to the report in the description below. you can download it here.
But lemme give you a few highlights…or lowlights.
In Fiscal Year 2018, the government’s total net loss was $1.16 TRILLION.
Uncle Sam collected $3.4 trillion in tax revenue in FY18. But they spent over $4.5 trillion.
Of that $4.5 trillion spent, nearly HALF went to Social Security and Medicare. (They also spent a record $523 billion just on interest payments on the national debt!)
This is extraordinary given that the Social Security and Medicare trust funds are set to run out of money within the next 15 years.
In other words, despite spending almost HALF the federal budget on Social Security and Medicare, both programs are effectively insolvent.
As a matter of fact, on page 10 of the report, the government estimates Social Security’s long-term funding gap to be a mind-blowing $53.8 TRILLION (which is almost 10% worse than last year).
To put that number in context, $53.8 trillion is roughly 70% of the entire world economy. That’s how bad the Social Security funding gap is.
But it gets worse.
As part of the report, the federal government also tallies up its assets and liabilities, just like any individual or company would do.
If you have assets (like houses, cars, cash, investments) worth $1 million, and liabilities (credit card debt, mortgages) worth $300,000, your net worth is $700,000.
The government has assets as well: a total of $3.8 trillion. The single largest component of that– $1.08 trillion– is STUDENT DEBT.
In other words, the government’s #1 asset is the debt owed to it by young people across America. That’s pretty sad.
The next biggest asset is what accountants call “property, plant, and equipment”, or PP&E. That’s the sum total of all the land, government buildings, tanks, aircraft carriers, military bases, etc.
For Fiscal Year 2018, the government reported $581 billion in equipment (mostly military), and about $500 billion in real estate.
In total, the government’s $3.8 trillion in assets sounds like a lot.
Except that the government’s liabilities, i.e. the national debt, etc., totaled more than $25 trillion.
That makes the government’s net worth an unbelievable NEGATIVE $21.5 TRILLION.
And that’s a lot worse than the government’s negative net worth of -20.3 trillion in 2017, -19.3 trillion in 2016, -18.2 trillion in 2015, -17.7 trillion in 2014…
Notice the pattern?
If you add their own estimate of Social Security’s unfunded liability, Uncle Sam’s total net worth is NEGATIVE $75 TRILLION… which is almost precisely the size of the entire global economy.
What could possibly go wrong?
These numbers are beyond appalling. And they get worse every year.
So it would be completely absurd to believe that, with such pitiful finances, there will never, ever be any negative consequences, ever. Give me a break.
Throughout history, there has never been any nation or empire that has been immune to the basic financial laws of the universe. Egypt, Rome, the Ottoman Empire… they all suffered the same fate. Too much spending and too much debt led to their eventual demise.
It’s pure insanity to believe that this time is different… that we’re different… we’re special.
And sure, hope for the best if you like. But there’s no downside to considering the long-term risks and taking sensible steps to ensure you’re not exposed to the potential consequences.
Consider Social Security: the Social Security Administration itself says that the trust funds will run out of money in 2034, at which point they will have no choice but to slash benefits.
They literally put that in black and white for anyone in the world to read.
So think about this…a bunch of spend-thrift psychopaths have plunged us into so much debt we can’t get out. Look how much time MSM spends on getting us to focus on the political circus while government is busy taking the product of our time and labor and throwing it out the window. Maybe it’s not the criminals in government who are insane…maybe it’s the people who continue to participate in the three ring dog and pony show as we walk like zombies to the voting booths hoping for hope and change.
The reported national debt is $22 trillion, and they spent over half a trillion just paying interest on that debt!
Think about it– the federal government just announced a net worth of MINUS $75 trillion. How is this not front page news in every newspaper in America?
But it’s shrugged off by intellectual zombies who wanna keep you in the dark– and still people do absolutely nothing because they cling to the false belief that there won’t be any consequences.
We can’t afford a green new deal…we can’t afford universal healthcare, we can’t afford free college tuition or the military or prison industrial complex. And we damn sure can’t afford to shovel boatloads of money in foreign aid. Giving other countries foreign aid when we’re so deep in debt is like writing a hot check to a homeless guys. You don’t have the money to help yourself…how can you possibly help anyone else.
And believing that politicians will save us makes whoever believes that a prime candidate for the funny farm.
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