Some Debt Stats

 

                         Some Debt Stats

       As of March 1, 2021, the U.S. Treasury’s official figure for the debt of the federal government is $28.0 trillion—or more precisely—$28,004,376,276,999. This amounts to:

       $84,834 for every person living in the U.S.
       $216,933 for every household in the U.S.
       134% of annual U.S. economic output.
       7.7 times annual federal revenues.
       70% more than the combined consumer debt of every household in the U.S.

       Over the history of the United States, the national debt has averaged 31% of the nation’s annual economic output. 
In May 2020, the national debt reached 120% of the nation’s annual economic output, breaking a record set in 1946 for the highest level in the history of the United States. The previous high of 118% stemmed from World War II, the deadliest and most widespread conflict in world history. 
At the close of 2020, the national debt was 134% of the nation’s annual economic output, or 4.3 times its average over U.S. history.

       Federal law requires publicly traded corporations to account for their “explicit” and “implicit” liabilities and obligations. These include employee pensions and other financial burdens that companies have accrued but not paid for yet. This type of bookkeeping is called “accrual accounting.” 

      At the close of its 2019 fiscal year, the federal government had accrued roughly:

      $10.1 trillion ($10,084,000,000,000) in liabilities that are not accounted for in its publicly held national debt, such as federal employee retirement benefits, accounts payable, and environmental/disposal liabilities. 
      $35.2 trillion ($35,205,000,000,000) in unfunded obligations for current Social Security participants. 
      $42.3 trillion ($42,300,000,000,000) in unfunded obligations for current Medicare participants. 

These are federal liabilities and do not include the states.