On this day filled with freedom, celebration, and cookouts, we look forward to what the future holds. But what does the future hold if America does not address its growing national debt? Truth in Accounting has created its own unique debt clock to keep you up-to-date on the national debt. This debt clock includes two different national “debt times:” the published national debt and the truth.
Truth in Accounting’s true national debt calculation includes the total unfunded Social Security and Medicare promises reported in the Financial Report of the U.S. Government. These are promises that have been made to retirees but not funded. The true national debt totals out to be more than $133 trillion, which is $105 trillion more than the published national debt.
In 2021, the debt crisis continues as the United States deals with the aftermath of the COVID-19 pandemic. Under the Trump Administration, the national debt increased by 38 percent. To help us move forward, the new Biden Administration must include the facts regarding unfunded Social Security and Medicare liabilities in order to address the true debt. Although today should be a celebration of our country’s founding, our country is forever affected by its enormous debt.
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Happy 4th of July to everyone!
Anna D’Aprile is a press and communications intern at Truth in Accounting.
