On July 22, the Congressional Budget Office’s (CBO) issued its latest long-term projections on the growth of the national debt. Astonishingly, as bad as the numbers issued by the CBO were, the debt crisis the nation faces is even worse than we are being told.
The CBO analysis does not take into account the full $14.344 trillion national debt, nor does it reflect the $430 billion in gross interest payments we are paying every year.
Instead it only considers the $9.7 trillion ‘debt held by the public’. That was cited by the CBO. What was not was the $4.6 trillion of debt owed to the Medicare and Social Security trust funds. Interest is owed to those programs similarly is not included.