GOVERNMENT
CHECKING THE NATION’S FINANCIAL pulse The U.S. government sets a record loss. Is there any hope of a turnaround?
You’ve likely heard that you should
save for a “rainy day” when times are good. Who hasn’t also been told to start saving for retirement as early as possible so you can build a nice nest egg? Apparently, neither the federal government nor the U.S. Federal Reserve got those memos.
Tom Visotsky, CPA
22
DISCLOSURES
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SUMMER 2021
The United States had record breaking losses in the Fiscal Year (FY) that ended Sept. 30, 2020, and will surely have huge losses in the current FY. COVID-19 had
a major impact on the financials, but the country was experiencing record losses before the pandemic. Now, those losses are on steroids. We last addressed U.S. financials in detail in the September/October 2019 issue of Disclosures and analyzed the FY 2018 financials. (You can find that article at vscpa.com/news/whats-america-reallyworth.) This condensed look highlights the largest issues and liabilities in the FY
