# Think America Owes $37 Trillion? It’s Far Worse Than That
**Source:**
Think America Owes $37 Trillion? It’s Far Worse Than That
Misleading accounting hides the stunning scale of DC's financial obligations
## Summary
• The US government's true financial obligations total $151 trillion, not just the $37 trillion national debt commonly cited, due to misleading cash-based accounting that ignores unfunded liabilities
• Federal accounting differs from private sector standards - government uses cash accounting (recognizing expenses when paid) rather than accrual accounting (recognizing expenses when incurred)
• Major unfunded liabilities include $15 trillion for federal employee/veteran benefits and $105.8 trillion for Social Security and Medicare obligations
• After offsetting $7.9 trillion in government assets, the net deficit reaches $143 trillion - equivalent to 85% of all wealth Americans have accumulated since the nation's founding
• The national debt alone grows by $156 million per hour, while mandatory spending has doubled from 34% of federal outlays in 1965 to 73% in 2024
• Social Security and Medicare trust funds will become insolvent in 2033, triggering automatic 23% benefit cuts under current law
• Interest payments on debt will reach nearly $1 trillion this year and are projected to hit $2 trillion within 10 years, surpassing defense and Medicare spending
• The author argues most federal spending is unconstitutional, citing the expansion from 3% of GDP in 1930 to 23% in 2024
• The likely endgame involves government default through hyperinflation as the Treasury and Federal Reserve create money to service unpayable debts
## Key Information
### Extracted Entities
**Keyword:** debt, federal, government, medicare, national, security, social, spending, total, year
**Location:** America, US, United States, Washington
**Organization:** Congress, Control Of Federal Powers, Department of Agriculture, Department of Education, Department of Labor, Fed-Treasury, Federal Reserve, Food and Drug Administration, Getty Images via Roll Call, Heartland Institute, Manhattan Institute, Medicare, Of Free Subscribers, Small Business Administration, Supreme Court, Treasury, Treasury Department
**Person:** Agresti, Alex Wong, David Lin, James Agresti, Paul, Ron Paul, Sam, Thomas Massie, Uncle Sam
### Referenced Links
- [23%](
https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/)
- [Heartland Institute](
The Heartland Institute
Overlooked Treasury Report Supports Musk’s Warning About Federal Deficits Sinking the U.S. - The Heartland Institute
Elon Musk recently stated that “rich people” should “be caring more” about federal deficits because “if the ship of America sinks,” “...
- [purported](
https://mises.org/power-market/auditing-americas-gold-not-just-important-its-critical)
- [5.1](
https://starkrealities.substack.com/p/social-security-steams-closer-to)
- [Spending, Taxes & Deficits: A Book of Charts](
https://media4.manhattan-institute.org/wp-content/uploads/Budget-Chart-Book-2024.pdf)
*... and 25 more links*
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