Steve Hanke, a professor of applied economics at Johns Hopkins University, and David M. Walker, former U.S. Comptroller General, wrote in Fortune magazine that, according to the latest financial statements from the U.S. Treasury Department as of September 30, 2025, the federal government's total assets were $6.06 trillion, while liabilities reached $47.78 trillion. If unfunded social insurance obligations such as Social Security and Medicare are included (unfunded obligations over a 75-year period have increased to $88.4 trillion), the federal government's total liabilities would exceed $136.2 trillion. They believe that the U.S. government is "insolvent" and facing a "fiscal catastrophe."