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

[Nevilledog]

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

No paywall link
https://archive.is/2026.03.23-200413/https://fortune.com/2026/03/23/us-government-insolvent-fiscal-crisis-fix/

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).

The Off-Balance-Sheet Iceberg

The off-balance-sheet picture is even more alarming. The 75-year unfunded social insurance obligation surged by $10.1 trillion in a single year, rising from $78.3 trillion in FY 2024 to $88.4 trillion in FY 2025 — driven primarily by a $6.9 trillion jump in projected Medicare Part B shortfalls and a $2.5 trillion increase for Social Security. The Treasury’s Statement of Long-Term Fiscal Projections shows the 75-year fiscal gap widening from 4.3% of GDP in FY 2024 to 4.7% in FY 2025.

*snip*

[multigraincracker]

1. Just print more money. I'm getting ready

for inflation.

[Fiendish Thingy]

2. The US liabilities exceeding assets is nothing new

Not sure why this Fortune story, with its sensationalist headline, is being reposted repeatedly as if it important breaking news.

[karynnj]

5. Ignoring that the government can print money, should we tell FORTUNE

that many people are insolvent if you use the criteria that their liquid assets are less than their liquid liabilities. Consider that it is quite usual for people to have mortgages higher than the money they have in cash, mutual funds, stock etc. What is key is whether they can pay the interest and costs of living from their various sources of income.

With the government, the concern is that Republicans have made drastic cuts on the "income" side (tax cuts) while radically raising some spending on things like ICE and one of the stupidest wars yet. Raising taxes has always been hard. Having lowered them, expect Republicans to declare themselves financially prudent as they demand cuts to programs and investments in the country because "we don't have the money." Somehow they never seem to understand is that you can balance the budget by increasing government revenue just as you can by cutting spending.

[Deuxcents]

3. I don't know whether to cry or scream. I've done everything to keep expenses down but what does it matter

If TSF has spent us into insolvency? He ran this country down like he’s done every one of his companies and yet some still think he’s a business man when he has actually pulled off the biggest con in our history.

[unblock]

4. I love the "this is not hyperbole" denial.

People have said this a billion times and I'm not exaggerating.