First the most important things on a balance sheet are income and outgo. Whimpy cannot trade his suit to repay his hamburger debt.
Second, the problem with estimating our assets is that you cannot liquidate the assets of the US to pay $62T. Third, the $62T needs to be compared to GDP which is about $13T. Reasonable principal and interest on $62 T would be about $6.2 T per annum (sort of like a mortgage). That is almost half of GDP. Fortunately a lot of that is just transfer payments from working people through WS and back to themselves in their 401K, pension funds, etc. But a significant fraction of that $6.2T is one group living off of the work done by the rest of us.
You are a clueless idiot.
First the most important things on a balance sheet are income and outgo.
That is an Income Statement, not a Balance Sheet. Who’s the clueless idiot now?
First the most important things on a balance sheet are income and outgo.
Pot, meet kettle.
There is no Income account on a balance sheet, nor is there an "outgo" account on a balance sheet. A balance sheet only reflects the current BALANCE (hence the name) of the various accounts on it as of a given point in time. Furthermore, the two sides of the balance sheet must be in BALANCE (again hence the name). The two sides of the balance sheet are the Assets on one side and Liabilities and Equity on the other side.
The financial statement(s) that have items most closely resembling the "most important things on a balance sheet" that you cited are the Income statement (revenue and expenses) or the Statement of Cash Flows (Sources of cash and Uses of cash), but even those statements do not have an account called "income" or "outgo".
Andy, is your real name Senator Biden?
First the most important things on a balance sheet are income and outgo.
The hits just keep on coming. LOL!