from Your News:
Report estimates total federal liabilities at more than $170 trillion when future benefit commitments are factored in.
By yourNEWS Media Newsroom
A nonprofit fiscal watchdog group is challenging official estimates of U.S. national debt, arguing that the federal government’s true financial obligations are significantly higher when long-term commitments are included.
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While the U.S. Department of the Treasury reports national debt at approximately $39 trillion, Truth in Accounting estimates total liabilities at $170.3 trillion. The group’s analysis incorporates unfunded obligations such as future Social Security and Medicare benefits, which are not counted in the government’s standard debt calculations.
According to the group’s assessment, as of Sept. 30, 2025, the federal government had $6.1 trillion in available assets against $176.3 trillion in total liabilities and promised benefits. These include approximately $54 trillion in projected Social Security obligations, $74.5 trillion tied to Medicare, and $15.5 trillion allocated for military and civilian retirement benefits.
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The methodology differs from that used in the federal government’s own financial report, which does not include future benefit commitments in the official debt figure. Federal accounting standards treat these obligations as contingent on future policy decisions, rather than binding liabilities.
Sheila Weinberg said the distinction reflects the government’s position that long-term benefits are not guaranteed beyond near-term payments. “The government does not believe that it owes anybody any Social Security or Medicare benefits beyond next month, because they believe that they can pull them back at any point in time,” Weinberg said.
Weinberg also cited remarks from Stephen Goss, who testified before lawmakers that payroll deductions for Social Security function as taxes rather than contractual guarantees of future benefits.
Under the group’s analysis, meeting all projected obligations would require significant additional revenue over time. The report estimates that funding these commitments over the next 75 years would equate to roughly $170 trillion, or an average of about $1.1 million per taxpayer, in addition to existing payroll taxes.
Weinberg said the figures highlight a lack of long-term planning. “What all these numbers represent is that the government has no idea where they’re going to get the money to pay these promises. They don’t have a plan,” she said. “They promised seniors $54 trillion of Social Security benefits, $74 trillion for Medicare, and they don’t have a plan on where they’re going to get that money.”
