“Counting obligations under Medicare and Social Security.”

It means the US can’t borrow with ‘exorbitant privilege’ anymore.

And it means the US Treasury market is set for an out-of-control interest rate spiral.

No one was ever legally required to pay money to Madoff.

Essentially would be the death knell to the US Dollar as the reserve currency.

The petroDollar system breaking down, where oil is no longer paid for in Dollars internationally.

In all fairness, you should point out the difference.

For those who unfairly lump Social Security in with Bernie Madoff.

The real debt of the United States is more than 10 times the reported national debt.