And US real estate holdings by everyone (all entities) are $119 trillion

there is a lot of privately held notional value here. we can go back to doing in-kind tax payments, cattle and land, and to the tax authority, if it came to that. some austerity measure in the future.

a lot of countries don't have this quirk where the government owns a lot, earns a lot, has natural resources, as well as privately held holdings that eclipse all of it