Remember, the 23 trillion is just the official national debt. There are tens of trillions of unfunded liabilities, which are not accounted for in the governmental accounting.
Any CPA out there, I’ve heard that the government does not use “generally accepted accounting principles”. And for that reason, the unfunded liabilities for programs such as social security, simply aren’t counted anywhere in the finances of the federal government.
Americans are unlikely to accept Greek-style austerity to balance our budget.
No politician on either side of the political divide will propose it. Theyre not in the business of inflicting pain.
Austerity is as popular as the Typhoid Mary.