As Americans file their taxes at the last minute this April 15, the federal debt – and Americans’ federal debt burden – continues to grow.
While the federal government reports a national debt nearing $37 trillion, one budget watchdog says the figure is actually much higher: $158.6 trillion, amounting to $974,000 for each federal taxpayer.
Truth in Accounting, a nonprofit budget accountability group that emphasizes a different approach to government accounting, released those figures, arguing that they more accurately represent the fiscal situation of the federal government.
TIA’s report includes $51.6 trillion for Medicare and $67.1 trillion for Social Security for benefits that have been promised to recipients down the road but are not considered in the ordinary national debt conversation.
“These numbers come from the Social Security and Medicare Trustees Reports, which include calculations of the present value of projected benefits over the next 75 years, offset by the dedicated receipts expected over that period,” TIA Founder and CEO Sheila Weinberg told The Center Square. “Our calculations focus only on current participants – we do not include receipts or benefits from future participants.
“For Medicare specifically, in addition to the estimates based on current law, the actuaries also provide projections under the ‘Illustrative Alternative Scenario’… This scenario includes more realistic assumptions about future physician payment rates, and we use the IAS in our estimates.”