The Treasury just declared the U.S. insolvent. The media missed it | Fortune
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The Government Accountability Office can't even verify the books. Here's what Congress must do.

SUMMARY: The Treasury just declared the U.S. insolvent. The media missed it | Fortune Summary: The U.S. government’s financial situation appears dire based on the Treasury Department’s fiscal year 2025 report, which indicates assets of $6.06 trillion versus liabilities of $47.78 trillion. Unfunded social insurance obligations add to this figure, with a 75-year shortfall of $88.4 trillion. Critically, the GAO has raised concerns about the government’s financial management issues and inability to present fair financial statements. To address this crisis, proposed legislative actions include passing the H.R. 3289 Fiscal Commission Act for a public reckoning on fiscal health and calling for a constitutional amendment to enforce fiscal responsibility. By: Steve H Hanke; David M Walker published: 2026-03-23

  • ryper@lemmy.caEnglish
    3·
    12 days ago

    The authors of the article don’t seem to be the media though:

    Steve Hanke is a professor of applied economics at The Johns Hopkins University and a member of the Board of Directors at the Federal Fiscal Sustainability Foundation. He is the co-editor, with Barry W. Poulson and John Merrifield, of Public Debt Sustainability: International Perspectives (Lexington Books, 2022). David M. Walker is the former Comptroller General of the United States and the Chairman of the Board of Directors at the Federal Fiscal Sustainability Foundation.