Politicians and the mainstream media tell the public the national debt is nearing $32 trillion. However, this figure is only half of the story.
The actual national debt is just over $149 trillion, four times more than what the public is told. This equates to almost $1 million per taxpayer.
But how could this discrepancy exist?
The published national debt consists of debt held by the public
intragovernmental holdings, including debt held by Social Security and Medicare trust funds. But this calculation overlooks total unfunded Social Security and Medicare promises, according to the Truth in Accounting debt clock.
The nearly $150 trillion true debt calculation includes assets and liabilities reported in the Financial Report of the U.S. Government, as well as unfunded Social Security and Medicare promises, based on assumptions.
"These are promises that have been made to our citizens, but the government has not set any money aside to fund them," writes TIA.
Unfunded Medicare promises stand at about $55 trillion, while unfunded Social Security promises stand at about $41 trillion, adding a hefty amount to the national debt.
"This provides some background for where the government reports the massive hole in Social Security," TIA describes. "The trillion-dollar unfunded obligation is NOT REPORTED AS A LIABILITY on the federal government’s balance sheet! Instead, it is reported in the “Statement of Social Insurance” within the Annual Financial Report of the U.S. Government (along with Medicare, which is treated similarly)."
While the average American accepts the lie that our debt stands at about $32 trillion, you can now inform them that the publicized total is just another form of deceptive politics driven by our federal government.
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Convention of States is working to limit the power of the federal government. The nation's spending is unsustainable and we must force politicians to stick to a balanced budget.
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