On Budget Debt - Is That Right?

The debt that we're thinking about from World War II was explicit on budget debt. If you count the unfunded liability of Medicare and Social Security, we're way larger than the World War II debt,. Where are my? Well, no, hang on. There's three things. The on budget is what the federal government has borrowed from sources other than Social Security. Off budget is what they have borrowed from Social Security. And then on funded obligations are promises the government has made that it can't keep.