The real accrual number, a figure that is almost never reported, can be determined only by analyzing yet another document, one put out by the U.S. Treasury Department. That analysis reveals a startling truth: Not only is the real federal deficit consistently under-reported, it is uncomfortably high, even with the ballooning revenues and improved cash flows in recent years…. Sadly, irresponsible federal government spending and commitments have nearly wiped out all of Americans’ equity. The federal government’s net debt and commitments of $54 trillion is nearly equal to the $58 trillion of equity held by American households.
Trouble with a Capital T: