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We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis. While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends. To quantify the risks to the balance sheet, we then apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.

Public welfare --- Accounting --- Investments: General --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income and Wealth: U.S. --- Canada: 1913 --- -Public Administration --- Public Sector Accounting and Audits --- Public Enterprises --- Public-Private Enterprises --- Social Security and Public Pensions --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Financial reporting, financial statements --- Civil service & public sector --- Pensions --- Investment & securities --- Economic & financial crises & disasters --- Public finance & taxation --- Financial statements --- Public sector --- Pension spending --- Securities --- Global financial crisis of 2008-2009 --- Public financial management (PFM) --- Expenditure --- Economic sectors --- Financial institutions --- Public debt --- Finance, Public --- Financial instruments --- Global Financial Crisis, 2008-2009 --- Debts, Public --- United States