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US Fiscal 2022 Financials are Published (Vol. 93)

Updated: May 31, 2023

It isn’t a pretty picture

Same old, same old. Another year and another, ‘The Current Fiscal Path is Unsustainable’ comment. But another bad year and the interest bearing debt and unfunded liabilities took another leap. Hear is a summary of liabilities for September 30, 2022:

These numbers from the audited U S financials are in trillions of dollars, unbelievable. If you have rose colored glasses, the good news is that the deficit declined from $2.8 trillion to $1.4 trillion. But don't get too excited, that is just a result of the COVID extraordinary expenses coming to an end. The deficit is still enormous and growing as noted below. If you are really a glutton for punishment, you can review the whole financial report (all 258 pages) here, or the Executive Summary (10 pages) here. In one year we have added about $10 trillion to our debt and obligations. It is unfathomable. When does the out of control Congress wake up and act responsibly? The interest bearing debt as of today is already up to $31.4 trillion and stuck there until the legal debt ceiling is lifted (it was about $31 trillion on September 30, 2022, and about $28.3 trillion on September 30, 2021). If you think that’s bad, keep reading. As discussed last week in Facts, No Spin #92, in 10 years, the interest-bearing debt will go to $50 trillion and an estimate of $2 trillion in interest expense IF we do not add more programs (which is highly unlikely). Last year the estimated 10 year debt was $45 trillion. Oh My Goodness, isn't that special. If you think about it, you must realize this spending and debt just doesn't work long term. Our Ship of State is headed directly at the proverbial iceberg. BOTTOM LINE If this doesn’t worry you, then you are not paying attention to what is happening in our Federal Government. It is time to pay attention and tell Congress to stop this fiscal insanity before it is too late. As a minimum, go to our website and join the Main Street Lobby - click on Contact Congress. It is easy, just click, enter your name and address and send. If you really want to help fix this, call or visit your Congressman or Senator and tell him what you think. Go to town hall meetings, write a personal letter. Everything helps and they must understand we want this fixed or they will keep on keeping on - until the Debt Bomb blows. LEARN ECONOMICS, THEN VOTE SMART

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