Through fiscal year ending September 2021, each federal taxpayer of our once Great Republic needed to pay $836,000 to get Uncle Sam out of debt, according to TruthInAccounting.org’s Financial State of the Union 2022 report released March 2022.1Data derived from the Financial Report of the U.S. Government found here.
Big Picture Overview
The total debt burden as of September 2021 is $133.38 trillion, which includes unfunded Social Security and Medicare promises. These are promises that cannot and will not be honored, except in the very short term by borrowing more money (printing a fiat currency out of thin air).
Note, the Treasury Department only includes $187.60 billion of Social Security and Medicare liabilities on its balance sheet. However, the amount “off the balance sheet” includes the promised amounts of $58.10 trillion in unfunded Medicare benefits and $45.40 trillion in unfunded Social Security benefits.
The 2022 Report
You may download the annotated report as a PDF file.
The original report without annotations is here.
Fun Facts From the Report
- The federal government has $4.89 trillion of assets compared to $138.28 trillion in debt.
- The shortfall of $133.38 trillion equals $836,000 per federal taxpayer.
The “Balance Sheet”
The “Income Statement”
Top 5 Recommendations
Our Top 5 recommendations are simple and easy to implement over a period not longer than 18 months:
- Reduce annual expenditures by at least 65%, but ideally by 95%.
- Use a people-owned Central Bank that issues coin and coinage consisting of gold and silver (and/or backed ~100% by these materials).
- Moreover, each state should have its own currency to be used as an alternative
- Eliminate income taxes and property taxes.
- Use protectionism to defend our borders economically.
- Use laws and military to physically protect our borders from illegal immigration.
- This includes ending immigration until the budget and deficit are in surpluses of 10% for at least five years.
What Can You Do?
What every person can do is (1) demand transparency, accountability, and consequences regarding honest voting methods and (2) vote for people who will defend the Constitution (the letter and spirit as the Founding Fathers described in numerous letters).
Ross Perot | A Role Model
One example is a person like Ross Perot who ran as a Third Party/Independent in the presidential election of 1992 and garnered about 19% of the popular vote (zero electoral votes). Remember when he said Americans would soon hear a “giant sucking sound” as production operations and factories packed up in the United States and moved to Mexico?2This relates to NAFTA and “globalization” that “alleged” traitors such as the Clintons, Bushes, Al Gore, and many others ultimately helped establish.
Lastly, let’s encourage (at the local, state, and federal levels) the use of those charts and footnotes that Mr. Perot used!
- Here’s a two-minute video clip from C-Span where he shows charts about jobs and debt.
- Here’s a 28-minute video clip on Rumble titled, “Ross Perot 1992 – Balancing the Budget & Reforming Government Infomercial.”
Simply put: We must balance the budget and eliminate the debt.
Now you. What are your opinions and have you done anything to help our once Great Republic recover?
In closing, and as a friendly reminder, you may stalk us on LinkedIn3We don’t like Linkedin’s “alleged” shadow-banning and algorithmic practices, and are slowly moving away from it, so stay tuned! and/or subscribe to our email alerts about strategic finance and M&A. Or, just call or send us a note to discuss topics about acquisitions/divestitures and how your company can become more valuable.