And then there are always those Unfunded Liabilities, mostly SSA and Medicare, which every administration has kicked down the road.
Current estimate is $80T.
https://www.cato.org/blog/medicare-s...ial%20Security.
Quote:
The Financial Report of the United States Government (also known as the Financial Report) raises significant concerns about the country’s long‐term financial health with increasing deficits and debt levels. Over the next 75 years, U.S. taxpayers face nearly $80 trillion in long‐term unfunded obligations. What’s more, 95 percent of this unfunded obligation is driven by only two federal government programs: Medicare and Social Security.
Here are five key takeaways from the Financial Report:
Over the next 75 years, the U.S. government’s unfunded obligations total $79.5 trillion. Over the next 75 years, the unfunded obligations are the difference between the present value of projected non‐interest spending of $430.2 trillion (see Figure 1) and the present value of total receipts of $350.6 trillion over the same period. Present value means that future cash flows have been discounted to adjust for expected inflation and interest rates, recognizing that one dollar today is more valuable than one dollar tomorrow. The discount rate reflects the expected rate of return taxpayers could have received over the next 75 years if they invested the 2022 value.
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