The topic here isn’t the impact of higher interest rates on car or home buyers. It is a much bigger subject. It’s the impact of soaring interest costs and...
. It’s also massively longer than the first “Prototype Report,” for 1974-75, which was signed by Treasury Secretary William Simon.between the start of June and late July – more than a trillion dollars. Today, federal debt exceeds $32.6 trillion, give or take a hundred billion.The recent increase is one the fastest in our entire history. On a chart, the only other period of such rapid increase was the second quarter of 2020.
While most politicians and many economists discuss government finances in terms of the federal deficit, down to $1,375.5 trillion for 2022 from $2,775.6 trillion in 2021, the real condition of our government is far worse.Page 1 of the executive summary of the report tells it like it is.One is the “net position” of our government. That figure represents the total assets of our government, nearly $5 trillion, less its total liabilities, about $39 trillion.
Another figure reveals the change in the unfunded liabilities of our social insurance programs. Those now total $75.9 trillion. That’s an increase of $4.9 trillion from the previous year. The number is the difference, in present value dollars, between what our social insurance programs will spend and the revenues they expect to receive over time.
Add those increases together — $4.1 trillion and $4.9 trillion — and the financial condition of the United States government has deteriorated by a stunning $9 trillion in a single year.“An Unsustainable Path.”It would be comforting, here, if we could point a finger at a single president and expunge the problem with a few magical strokes. But we can’t. This has happened over decades. It has also happened under presidents of both parties. It has happened under Bidenomics and Clintonomics.
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