The National Debt Is Worse Than Advertised
By: Mike Maharrey|Published on: Apr 23, 2021|Categories: Federal Funding
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Here’s a breakdown of Uncle Sam’s liabilities in broad categories.
Medicare benefits – $55.12 trillion
Social Security obligations – $41.2 trillion
Publicly held debt – $21.08 trillion.
Military and civilian retirement benefits $9.41 trillion
Other liabilities – $2.25 trillion
According to Truth in Accounting’s analysis, the US government’s financial situation has deteriorated over the last year. Based on the latest available audited financial reports, its financial condition worsened by $9.84 trillion in 2020.
Interestingly, the Treasury Department only includes $175.30 billion of Social Security and Medicare liabilities on the federal balance sheet; according to government documents, recipients do not have the right to benefits beyond the benefits currently being paid and laws to reduce or stop future benefits can be passed at any time. Truth in Accounting assumes no changes in the current Social Security or Medicare schemes. This is a pretty safe assumption considering these programs are generally considered the “third rail” of politics. In other words, politicians dare not touch them.
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Isn’t “We, The Sheeple” have a right to “honest accounting”?
Maybe if the numbers were really understood, then the seriousness of the situation might be recognized!