So the federal debt is the most talked about. It’s reported amount is around 34 trillion. I doubt that is the real figure, because most of what we hear are lies. I would not be surprised if the real number is significantly higher.
But on top of that is the hidden debt. “Not included in the official debt are totals from “off-balance sheet liabilities.” This means the amount of debt from government-funded programs, such as Medicaid and federal employee pension programs, is not included when the debt is tallied.”
Using this approach, analysts reach the $34 trillion figure. But again, this is only a small portion of the actual national debt. Amazingly, this is the same accounting method Enron Corporation used to conceal massive debt and appear financially stable before its sudden collapse!
“Consider. Since the inception of these programs, Social Security has paid out $17.5 trillion and Medicare has shelled out $89.3 trillion more than revenue collected from taxpayers. Together, these two programs add a total of $106.8 trillion to the published national debt.” But that figure is from around 2009.
More about the hidden debt can be found here.
https://rcg.org/realtruth/articles/10102...20tallied.
Local municipality debt is expected to hit 4 trillion in the next couple of years.
https://www.statista.com/statistics/2464...by%202026.
Consumer debt is another 15 trillion. Also seldom widely reported.
https://www.ramseysolutions.com/debt/ave....3%2C4%2C5
So like Enron, we are merely using accounting tricks to make it appear this good. 34 trillion in federal debt is the figure AFTER the tricky book keeping and spin.
And I have no doubt many of the other figures are equally sneaky.
We say no to health care for all, no to first world infrastructure, no to free universities, no to so many other things that most first world citizens have long taken for granted.
I think the end is closer than even the pessimists think. Yet we keep spending. And borrowing more.