The “official” national debt number doesn’t include the government’s pension, medical care, and contingent liabilities. Those numbers are multiples of the official number. From Brian McGlinchey of starkrealities.substack.com:
Much-referenced $31 trillion debt is a fraction of what Uncle Sam really owes
As the latest debt-ceiling drama winds down, Americans are varyingly exasperated, angered, anxious and maybe even a little bit entertained by the spectacle.
While their emotions vary, most citizens have something in common: They don’t realize they’re being misled about the actual depth of their government’s financial disorder. Despite all the talk of the federal government hitting a Congressionally-set $31.4 trillion debt limit, the truth is that DC’s actual liabilities are far higher than even that disturbing number.
Estimates by the relatively few scholars and organizations who venture to expose Washington’s charade vary, but they overwhelmingly place the federal government’s true total obligations at over $100 trillion. For example, Truth In Accounting’s latest tally puts Uncle Sam’s total IOUs at $156 trillion.
The frequently-mentioned $31 trillion “national debt” figure only encompasses Treasury borrowing in the form of bills, notes and bonds. Critically, it doesn’t include unfunded liabilities. That’s the term for financial promises the government has made without having money set aside to fulfill them.
