“Well, my accounting degree argues otherwise, but I’ll let it go... ;-)”
I would appreciate it if you can show me how I am incorrect, I have no interest in spreading incorrect information/speculation.
In the case of the government, this is the previously posted shortfalls from prior years operations. If the government kept its books the same way a business did, it would be shown as "negative equity" from revenue being smaller than expenses and that they borrowed money (by issuing bonds) to cover.
Not payments from current revenues.
By law and by annual budget, there are certain payments the government makes that are required in every fiscal year. Any shortfall is covered by issuance of new debt. Again, if the government kept books according to GAAP, the country has operated at a "loss" in my lifetime and that accumulated negative equity; that which is already been borrowed, is called the national debt. As you said, payments from current revenues are much different than the total outstanding bonds and notes issued by the federal government.
There are more to LIABILITIES than debt.
Not according to GAAS -- the government records what it will pay in the current fiscal year, with small carryovers for current operations, based upon the current budget. What a business would call "long term liabilities", "contractually obligated payments", or "contingent liabilities" are not part of government accounting.
You are confusing the two.
I don't believe that I am. I have seen figures based upon current Social Security, Medicare, Federal Pension, and Veterans benefits as indicating a $95 Trillion dollar LIABILITY in addition to the $18 Trillion already issued debt, and whatever the shortfall will be for FY 2016. The government does not have to record that $95 Trillion though -- it is essentially, an off book liability. Which is what they sent the Enron guys to jail for...