Executive Summary - Nation By The Numbers
The Nation By The Numbers
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| NATION BY THE NUMBERS A Snapshot of The Government's Financial Position & Condition |
||
|---|---|---|
| 2020 | 2019* | |
| Financial Measures (Dollars in Billions): | ||
| Total Tax and Other Unearned Revenues | $3,571.6 | $3,621.0 |
| Net Cost: | ||
| Gross Costs | $(7,194.1) | $ (5,287.2) |
| Less: Earned Revenue | $461.6 | $ 418.4 |
| Gain / (Loss) from Changes in Assumptions | $(679.5) | $ (198.9) |
| Total Net Cost | $(7,412.0) | $ (5,067.7) |
| Unmatched Transactions and Balances | $11.6 | $ 0.4 |
| Net Operating Cost | $(3,828.8) | $ (1,446.3) |
| Budget Deficit | $(3,131.9) | $ (984.4) |
| Assets, comprised of: | ||
| Cash and Other Monetary Assets | $1,926.9 | $ 524.6 |
| Direct Loans and Loan Guarantees Receivable, Net | $ 1,577.4 | $ 1,425.8 |
| General Property, Plant, and Equipment, Net | $ 1,145.0 | $ 1,106.9 |
| Other | $ 1,301.4 | $ 934.7 |
| Total Assets | $5,950.7 | $ 3,992.0 |
| Less, Liabilities, comprised of: | ||
| Federal Debt and Interest Payable | $(21,082.9) | $ (16,861.0) |
| Federal Employee & Veteran Benefits Payable | $(9,409.3) | $ (8,440.3) |
| Other | $(2,251.7) | $ (1,643.5) |
| Total Liabilities | $ (32,743.9) | $ (26,944.8) |
| Unmatched Transactions and Balances | $(3.1) | $ (14.7) |
| Net Position1 | $ (26,796.3) | $ (22,967.5) |
| Sustainability Measures (Dollars in Trillions): | ||
| Social Insurance Net Expenditures | $(65.5) | $(59.1) |
| Total Federal Non-Interest Net Expenditures | $(79.5) | $ (49.0) |
| Sustainability Measures as Percent of Gross Domestic Product (GDP): | ||
| Social Insurance Net Expenditures | (4.2%) | (4.1%) |
| Total Federal Non-Interest Net Expenditures | (4.8%) | (3.2%) |
| Fiscal Gap2 | (5.4%) | (3.8%) |
*Restated (see Financial Statement Note 1.U)
1 The government's net position is calculated in accordance with federal accounting standards. Per these standards, net position does not include the financial value of the government's sovereign power to tax, regulate commerce, or set monetary policy, or the value of nonoperational resources, such as national and natural resources, for which the government is a steward.
2 To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipts increases that amount to 5.4 percent of GDP on average is needed (3.8 percent of GDP on average in 2019). See Financial Statement Note 24.