The Treasury just declared the U.S. insolvent. The media (somehow) missed it.

[usonian]

https://fortune.com/2026/03/23/us-government-insolvent-fiscal-crisis-fix/
https://web.archive.org/web/20260323190551/https://fortune.com/2026/03/23/us-government-insolvent-fiscal-crisis-fix/

By Steve H. Hanke
and David M. Walker
March 23, 2026, 11:14 AM ET

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.

The U.S. government is insolvent. That’s not hyperbole — it’s the conclusion drawn directly from the Treasury Department’s own consolidated financial statements for fiscal year 2025, released last week to near-total media silence. The numbers: $6.06 trillion in total assets against $47.78 trillion in total liabilities as of September 30, 2025.

Importantly, the $47.78 trillion in reported liabilities does not include the unfunded obligations of social insurance programs like Social Security and Medicare — those are disclosed separately in the off-balance-sheet Statement of Social Insurance (SOSI).

The government’s consolidated balance sheet position, excluding the SOSI, deteriorated by nearly $2.07 trillion between FY 2024 and FY 2025, reaching a staggering negative $41.72 trillion. Total liabilities are now nearly eight times the value of reported assets. The largest drivers were a $2 trillion increase in federal debt and interest payable (now $30.33 trillion) and a $438.8 billion increase in federal employee and veteran benefits payable (now $15.47 trillion).

snip

Congress has clearly lost control of the nation’s finances. America is facing a fiscal catastrophe. The reckoning, long deferred, is becoming impossible to ignore.

[markodochartaigh]

1. Then we should sell off our 1%.

A big part of the reason that we are underwater is because of their tax cuts.

[bucolic_frolic]

2. That's a novel idea. Don't tax them, don't deport them. Sell them off, factories and all.

[haele]

3. But who would want to buy them?

I mean, you can't use them for anything.
Except maybe a punching bag.
As for their businesses, the audits would be painful, trying to get a realistic assessment of value would take decades, and their entire upper management belongs in a dumpster.

[JoseBalow]

17. Bring out the Gimp.

[James48]

7. Great idea.

Anytime you reach a billion dollars, that person/company needs to be split into 10 100 million dollar separate companies. Or 25 25 million dollar entities.

They can grow. But if they grow too
Big, they need to be broken apart and sold. And the government is the selling agent, who gets 2% of thh he reveals price as commission.

Some exceptions- for high value industries like Boeing- a billion is not too big for them. Make it ten billion for an already qualified mega corporation.

And mega corporations get zero tax breaks. Period.

[malaise]

4. Stunning

Yep spend, spend spend on toys for the rich

[twodogsbarking]

5. Governmental accounting differs from business accounting. Not just a little either.

[dutch777]

6. Not really news just the debt numbers climb a bit. Should be a plank in the Dem platform to address for some time now.

Take away any notion that the Repugs are the fiscally responsible ones.

[ffr]

8. If only we had somoene to run our government like a business.

[TheRickles]

10. Yep, that's exactly what he's doing - running it like those 6 businesses of his that went bankrupt.

[IronLionZion]

9. What social programs are left for GOP to cut?

because their solution will be to cut funding for anything that helps people.

Good luck to anyone counting on social security and medicare.

[Blue Full Moon]

11. Little dark humor

?si=HLR9nheHMI6K1orx

[Blue Full Moon]

12. They need to pay up.

​​We gave Amazon a $17.5 BILLION tax break last year.

Meta got $13.7 BILLION.

Citigroup didn't pay a penny—we gave them a tax REFUND.

Those tax breaks didn't do anything to create jobs, let alone save them.

We have got to stop with the corporate tax giveaways.

[Justice matters.]

18. And bezos litteraly gave like $40 millions to the nude model in the Epstein circle.

Out of that handout, for a really boring documentary that almost nobody wanted to buy tickets to see.

[COL Mustard]

13. As Reagan used to say, the Government spends like a drunken sailor.

The difference is, the drunken sailor was spending his own money.

How much has the national debt increased under this idiot???

[Justice matters.]

21. The national debt... crossed $39 trillion--almost doubling since Trump vowed to erase it

(March 18)

https://finance.yahoo.com/economy/policy/articles/national-debt-just-crossed-39-201328218.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAWW5QguLmu6fiqRbovaQaHlHPB1iga1YDPu8x8wn5Pt--M-NFIb9yGTNxjVZKSC21VS4xO3zEzvyBr--wQHOFMT6sRgoUXZGeexJFTV7Aj--R65iHS64-bVGN0qsew1wQL8Cv3rSSvI9-XmOj5sZTmtgAL7L66jcQPYKf8dWZXU

And he wants $200 Billion for that stupid war he started (and the next ones he wants)

[COL Mustard]

23. And he'll get it...

Or at least part of it. Congress can pare it down to just $150B or so and say, "See, we just saved $50 billion dollars".

[Dan]

14. I believe that there was a Roman Emperor

Who when Rome needed money would take the richest Roman citizen and kill him, then seize his assets to address Roman needs. I see nothing wrong with approach and I am pretty sure that the top 1% would also be in agreement.

[usonian]

15. Modern Romans have other ways to take your money.

How about a national casino for EXTREME high-rollers only?

Minimum chip $1 Billion.

[Justice matters.]

22. No doubt he would do it but he'd keep the money...

for himself.

[BigmanPigman]

16. The only thing he's successful at is bankruptcy.

[Zorro]

19. Funny how we aren't hearing the GOP braying incessantly about the deficit

[Kid Berwyn]

20. Get it back from them who stole it.

The Epstein Class.