Most of the nation’s political leaders show little concern or even awareness that the federal government’s net financial position has eroded rapidly in this century. They know about mounting public debt because regular budget reports highlight it and as do media outlets. Less well-known or understood is the growth of the government’s unfunded liabilities, which, if anything, should be more alarming.
More attention in Congress on the Department of the Treasury’s annual financial statement would help. This report, produced with assistance from the Government Accountability Office (GAO) and the Office of Management and Budget (OMB), is a balance sheet-like assessment of the federal government’s accrued liabilities and assets, both financial and non-financial.
The trends in the figures presented in these reports over the past two decades tell a startling story.
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