U.S. off-balance sheet liabilities now total $3 trillion annually, Luke Gromen notes

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U.S. entitlement debt reaches $3 trillion yearly

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03.09.2026

U.S. off-balance sheet liabilities now total $3 trillion annually, Luke Gromen notes — U.S. entitlement debt reaches $3 trillion yearly

Luke Gromen, founder, president, macroeconomic analyst, investor at FFTT, LLC (Forest for the Trees), points to growing U.S. entitlement obligations.

According to Gromen, former Federal Reserve Chairman Alan Greenspan warned Congress in 2005 that the U.S. had more than $100 trillion in off-balance sheet entitlement obligations, owed in a hard currency the U.S. cannot print. Gromen states these liabilities are now coming onto the balance sheet at a rate of $3 trillion per year and continue to grow at twice the pace of U.S. receipts.

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Gromen previously argued that allowing gold prices to rise could help balance U.S. trade while weakening the dollar and supporting Chinese consumption, according to a past analysis (Letting gold rise may spur Chinese consumption and lower USD). He has also highlighted that gold has historically outperformed major sectors during late-stage U.S. capex booms (Gold historically outperforms during late-stage U.S. capex booms). The ongoing discussion adds context to Gromen’s recent focus on U.S. fiscal obligations.

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