When President Joe Biden submitted his $5.8 trillion Fiscal Year 2023 budget request to Congress in late March, Truth In Accounting’s (TIA) 12th annual “financial state of the union” report was just three weeks old.
But after reading Biden’s 149-page proposed budget, TIA founder and CEO Sheila Weinberg quickly realized her group’s 2022 Financial State of the Union` report was already obsolete.
In analyzing the Financial Report of the United States Government for FY22 published in February, TIA accountants and fiscal analysts calculated federal government debt to be $133 trillion, with every one of the nation’s taxpayers each shouldering an $836,000 “taxpayer burden.”
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