Study find national debt much larger than declared

Headline USA -   The U.S. Treasury says the national debt is roughly $39 trillion, but a nonpartisan accounting group estimates that the true number is $170.3 trillion.

Unlike the Treasury’s calculations, Truth in Accounting included all of the federal government’s unfunded obligations in its debt assessment, including unfunded promises like Social Security and Medicare benefits.

As of Sept. 30, 2025, the U.S. government had only $6.1 trillion on hand to pay for $176.3 trillion worth of incurred and promised liabilities, Truth in Accounting reports.

Within that number, projected Social Security benefits for all Americans who have entered the workforce amount to $54 trillion, total Medicare benefits will cost $74.5 trillion, and military and civilian retirement benefits will be $15.5 trillion.