U.S. off-balance sheet liabilities now total $3 trillion annually, Luke Gromen notes - Traders Union
U.S. off-balance sheet liabilities now total $3 trillion annually, Luke Gromen notes - Traders Union
Source: Traders Union
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DW NOTE
Luke Gromen is pointing at the entitlement spending explosion that never appears in debt ceiling debates. The US government now owes $3 trillion a year in off-balance-sheet promises — Medicare, Social Security, veteran benefits — that compound whether Congress votes or not. That's double the official deficit and larger than the entire federal revenue base as recently as 2021. When the liability is structural and the revenue isn't, the only question is which promise breaks first.