The U.S. government officially reports a national debt of $37 trillion. But a broader accounting—one that includes unfunded promises like Social Security, Medicare, and veteran benefits—reveals that America’s true fiscal hole is much deeper. According to a Treasury Department report that receives little public attention, the actual number sits at \$151.3 trillion. After subtracting federal assets, the government’s net negative position is \$143 trillion.
Key Facts:
- A U.S. Treasury report shows total government obligations of $151.3 trillion at the end of FY 2024.
- Unfunded liabilities like Social Security and Medicare make up $105.8 trillion of that total.
- Mandatory spending now accounts for 73% of all federal outlays, up from 34% in 1965.
- Social Security and Medicare trust funds are projected to become insolvent by 2033.
- Annual interest payments on the national debt are nearing $1 trillion and may hit $2 trillion within a decade.
The Rest of The Story:
The U.S. government officially reports a national debt of $37 trillion.
But a broader accounting—one that includes unfunded promises like Social Security, Medicare, and veteran benefits—reveals that America’s true fiscal hole is much deeper.
According to a Treasury Department report that receives little public attention, the actual number sits at $151.3 trillion.
After subtracting federal assets, the government’s net negative position is $143 trillion.
This hidden debt stems largely from the government’s refusal to use accrual accounting.
While private companies must record liabilities when incurred, the federal government delays recognition until payment is due.
As a result, most discussions focus only on what’s already been borrowed, not what’s been promised.
The two biggest ticking time bombs are Social Security and Medicare.
These programs are on track to go broke by 2033.
By that year, unless changes are made, benefits will be slashed by 23% because the programs will only be allowed to pay out what they collect in taxes.
Meanwhile, mandatory spending is devouring the federal budget.
Programs like Social Security, Medicare, and interest on the debt are baked into law, meaning Congress doesn’t even vote on them annually.
This portion of the budget has ballooned from 34% in 1965 to 73% today—and that figure continues to rise.
As interest payments grow due to ballooning debt and higher interest rates, they could become the single biggest expense in the federal budget by 2042—or sooner.
Already, interest costs exceed Medicare and defense spending.
And none of this accounts for constitutional limits on government power, which many argue are being ignored.
Venmo, PayPal users can now send money to the US government to help pay down $36.7T national debt https://t.co/BzjTBimV2r pic.twitter.com/K2u8HpN3Tl
— New York Post (@nypost) July 25, 2025
Commentary:
This is what happens when the federal government refuses to live within its means.
For decades, Washington has expanded its promises while ignoring its responsibilities.
The $151 trillion figure isn’t just some distant worry—it’s a sign that our current system is unsustainable.
Government programs, even the well-intentioned ones, don’t operate in a vacuum.
Every dollar promised without a funding source is a future tax, inflation, or benefit cut.
And now, with interest alone approaching $1 trillion a year, we’re reaching the point where the debt is feeding on itself.
Politicians on both sides have kicked the can for too long.
They refuse to address the root problems—automatic spending, entitlement reform, and unconstitutional overreach.
Instead of fixing the engine, they argue about how to rearrange the deck chairs.
The result is a government addicted to spending and unaccountable to the very people it taxes.
Programs that were once modest safety nets have grown into untouchable behemoths, defended by rhetoric and driven by inertia.
If businesses operated this way, they’d be bankrupt or prosecuted.
But because the government can print money, it delays the reckoning—at the cost of inflation, dollar devaluation, and economic instability.
As Ron Paul warned, “They can’t pay the debt, so they have to liquidate the debt… by paying it off with counterfeit money.”
This shell game can’t go on forever. The danger isn’t just financial collapse—it’s the political response to collapse.
As inflation rises and trust in institutions falls, desperate Americans may look for strongmen, centralized control, and even more unconstitutional “solutions” to problems the government created.
We need a complete rethink. Not just budget cuts around the edges, but a downsizing of the federal role itself.
What we need is a modern-day Declaration of Independence from runaway government. We need De-Operationalization of Government Excess—DOGE—for real.
Lawmakers must act now. Waiting until the system crashes is not a plan. It’s surrender.
The Bottom Line:
The U.S. government’s real financial obligations exceed \$151 trillion, placing each household on the hook for over \$1 million.
With interest payments rising and entitlement programs nearing insolvency, the current path is a fiscal and political disaster.
It’s time to rein in spending and return to constitutional limits before this crisis becomes irreversible.
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