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.
This is some kind of weird propaganda. Too many words like “staggering”, and the punchline is a few paragraphs down. He calls for an article V convention and a “fiscal responsibility” amendment. He says that there are relatively few assets on the govt balance sheet but doesn’t explain how and whether future tax receipts are booked on it. I’m no accountant but booking prospective tax collection (not on income that has already been received, but on nebulous unrealized future earnings) as assets sounds pretty dubious. On the other hand, they say death and taxes are the only true certainties in existence. So it’s not like the taxes won’t happen. “Full faith and credit of the United States” basically promises that.
It’s aiming to fear monger about funding social services.