The U.S. government is the largest, most diverse, most complex and arguably the most important financial entity in the world. The Department of Treasury, in coordination with the Office of Management and Budget, annually prepares the Financial Report of the United States Government. The data reported in this Financial State of the Union comes from that report.
This report presents the true financial condition of the federal government right before the coronavirus crisis hit. Recently, Congress passed a $2 trillion coronavirus stimulus package. Although we do not know the long-term effects this stimulus will have on federal finances, we can learn more about the state of the country’s finances before the coronavirus pandemic.
Our Financial State of the Union report found that the financial condition of the U.S. government worsened by $8 trillion in 2019. The report also breaks down the national debt to a per-Taxpayer Burden, which is each taxpayer's share of the federal government's bills after assets have been tapped.