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(The Center Square) – The U.S. national debt is closer to $123 trillion, more than four times what the Treasury Department is reporting, Chicago-based Truth in Accounting calculates in its new annual analysis of the nation’s finances. The federal government has $5.95 trillion in assets and $129.06 trillion worth of bills resulting in a $123.11 trillion shortfall, or a debt burden of $796,000 per U.S. household. Because of this massive amount of debt and repeatedly poor financial decisions made by lawmakers, TIA gave the U.S. government an “F” grade for its financial condition. The analysis, “ Financial State of the Union 2021” is based on the latest available audited Financial Report of the U.S. Government for the fiscal year ending Sept. 30, 2020. According to the federal report, assuming that current laws and policies don’t change, increase in future debt will grow faster than GDP.

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