Definition of Unfunded Federal Debt
What is the definition of "unfunded federal debt?"
Many people are of the impression that the $11 trillion dollars plus that the United States has in public debt is the extent of the money that it owes.
This is not the case.
To figure out the "unfunded federal debt" of the United States, you simply take the government's total liabilities, set it aside into a lump sum (plus interest), and subtract projected future taxes.
You are left with the federal government's unfunded liabilities, or unfunded federal debt.
What is included?
Underfunded Medicare obligations. Underfunded Social Security obligations. Unfunded military and civil servant pension obligations. The list goes on and on.
The bottom line is that the Federal government is not collecting enough in revenues (not nearly enough) to pay
for its total projected liabilities.
According to the USA Today, each American household owes $546,668 as their share of the total US debt.
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