Wednesday, February 8, 2017

2016 Financial Report of the US Government


Although this isn't GAAP, its the closest we have.

The executive summary is that the US Government lost $1,047 billion in FY 2016 and its net financial position (assets minus liabilities) was a negative $19,292 billion.

How much interest was paid in FY 2016?  It's hard to find in the report, because you have to use the right search words, which are: "Interest on Treasury Securities Held by the Public".  The total was $273 billion.

So, no worries.  The debt will never have to be paid back, and the only real cost is the interest, which is totally manageable.

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