Every U.S. Taxpayer Owes $996,000 to President Joe Biden
Every U.S. Taxpayer Owes $996,000 to President Joe Biden
President Biden in his State of the Union Speech took full credit for the U.S. economy growing this year by 2.5% to $28.2 trillion. But somehow “Sleepy Joe” forgot to admit that his puny size growth cost an increase of the burden on each taxpayer of $7.9 trillion, or about 25% of the entire U.S. economy. As a result, every American taxpayer now owes $966,000.
The Truth in Accounting Foundation issues a yearly report to personalizes the financial burden that U.S. politicians hangs around each taxpayers’ neck, the awards a schoolhouse letter grade for financial honesty.
President Biden on Saturday March 9th signed a U.S. House and Senate bill to delay a federal government shut-down for six months. Although the Administration claimed that the budget deficit would only increase by $1.7 trillion, the real deficit cost increase is over $7.9 trillion.
Truth in Accounting found that total government obligations grew in 2023 to $153.9 trillion, about 5 times the entire U.S. gross domestic economy. Truth in Accounting awarded President Joe Biden and Congress an “F” grade.
Truth in Accounting’s assessment states that the biggest government obligations are the unfunded future liabilities that include $66.2 trillion for Medicare and $50.3 trillion for Social Security benefits.
Few Americans understand that the $116.5 trillion that amounts to a little over three quarters of all the money owed by U.S. taxpayer, was not set up as a type of pension plan that invested in stocks, bonds, real estate and etc. The real scam was that the incoming green cash was put “on budget” bank account as if it was tax revenue.
The legislative documents actually state that the so-called beneficiaries: “do not have the right to any benefits beyond the benefits to be paid next month, and laws to reduce or stop future benefits can be passed at any time.” Truth in Accounting believes that future Social Security and Medicare benefits will be paid, but taxpayers have no guaranteed rights.
For the 164,997,000 individual American tax payers, their largest investment is their home which averages about 2,014 square feet and is valued at about $387,600. Therefore, every taxpayer is currently expected to turn over 2.5 fully paid-off houses to elected Washington DC politicians.
Below is the summary of the findings of Truth in Accounting:
