In 2022, federal, state, and local governments spent $8.7 trillion and received $7.6 trillion in revenues, leaving a gap of $1.1 trillion. This amounts to an average shortfall of $8,006 for every household in the country. When governments spend more than they collect in revenues, the resulting debt is "borne by tomorrow's workers and taxpayers." This can manifest gradually or abruptly in the form of higher inflation and taxes, reduced wages and living standards, or combinations of such results.