http://www.zerohedge.com/news/2016-02-26/us-government-releases-2015-financial-statements-keeps-getting-worse
For 2015, the government reports $3.2 trillion in total assets.
This includes everything from financial assets like bank balances to physical assets like tanks, bullets, aircraft carriers, and the federal highway system.
Curiously, the single biggest line item amongst these listed assets is the $1.2 trillion in student loans that are owed to the government by the young people of America.
37% of the government’s total reported assets are student loans, which is now considered one of the most precarious bubbles in finance.
$1.2 trillion is similar to the size of the subprime mortgage market back in 2008. And delinquency rates are rising, now at 11.5% according to Federal Reserve data.
On the other side of the equation are a reported $21.5 trillion in liabilities, giving the government an official net worth of negative $18.2 trillion.
This is corroborated by a report published last year stating that the Defense Department has somehow “misplaced” $8.5 trillion of taxpayer money over the last 20 years.
The GAO cites other material weaknesses in the government’s reporting of supposed cost reductions in Medicare and Social Security.
In all, the GAO calculates that these financial uncertainties total $27.9 trillion, suggesting that the government’s true financial condition is far worse than reported.
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