Federal Liabilities: 2024 Update
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Date
2024-09-10, 9/10/2024
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Publisher
Private Enterprise Research Center, Texas A&M University
Abstract
The 2023 Financial Report of the United States Government identifies total federal liabilities of $42.9 trillion as of September 30, 2023, marking a 10% increase from 2022. The federal debt and interest payable of $26.4 trillion comprised 62% of these liabilities. Federal employees’ accrued benefits make up another 33%, and various other categories round out the remainder. However, current official liabilities exclude current retirees’ expected Social Security and Medicare benefits – an additional $36.5 trillion in liabilities. Together, the official liabilities plus current retirees’ accrued Social Security and Medicare benefits total $79.4 trillion, or 290.4% of GDP in 2023. This highlights the substantial fiscal challenge, as the total liabilities are nearly three times the size of the publicly held debt’s share of GDP.
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Keywords
Federal Liability, National Debt, Social Security, Medicare