Unfunded liabilities, as they are referred to, can by wiped out by an act of Congress. They're not real debt (although they probably will become so).
For example, the unfunded liability of Medicare, which is in the tens of trillions of dollars, will disappear if the Medicare program is eliminated by Congress. That's unlikely to happen, but still true. I would substitute the phrase "unfunded liability", which is a liberal buzz phrase, with the phrase "potential liability". That's a bit less sensationalist.
However, I don't doubt that our nation is nearing bankruptcy and the collapse of the dollar, since the chances of electing politicians who will do away with these programs are between slim and none.
You seem to know quite a bit about this (not being sarc). Regarding this $120T in “unfunded liabilities”, how do these relate to the debt we have sold to other countries? In other words, does Russia or China etc own any of that $120T?