An unfunded liability is different than a debt.
True. Most of the people who hold US debt can’t vote in US elections. But those to whom unfunded liabilities are owed can and will vote.
Entitlement programs aren't even liabilities!
Conservatives need to stop calling them that. Why? Because if we keep calling them "liabilities," we are implying that we can't cut them without defaulting on some obligation. But that's just not true!
Cutting entitlement programs IS NOT an event of default! Congress has no legal obligation to keep the benefit forumals unchanged!
This cannot be emphasized enough.