Tuesday, February 25, 2020

National Debt Isn’t $23 Trillion, It’s $122 Trillion, Group Says

By Mark Tapscott February 24, 2020

America’s current national debt stands at roughly $23.3 trillion, according to the U.S. Treasury Department’s “Debt to the Penny” website, which is so precise that visitors can pick a specific date in the recent past—say Jan. 1, 2000—and get the exact amount on that day: $5,776,091,314,225.33.

While based on those figures, the national debt has more than quadrupled in that time frame, it’s actually much worse than that, according to calculations by Bill Bergman.
“This calculation highlights some of the pitfalls and perils of false precision,” Bergman, the director of research for the Chicago-based nonprofit advocacy group Truth in Accounting (TIA), told The Epoch Times.

“The U.S. government does not include the unfunded obligations for Social Security and Medicare under current law. These massive negative positions are so high that Truth in Accounting believes the ‘true’ national debt runs north of $100 trillion.”

$122,309,089,510,200, to be exact.

Because future obligations aren’t included in current-year accounting, a government budget can technically be “balanced” when, in truth, it’s anything but.............To Read More....

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