true national debt

samuelson

(3) Federal loans and loan guarantees: $2.9 trillion in 2011, 19 percent of GDP. The government makes or guarantees loans to college students, farmers, veterans, small businesses and others. The face value of most of these loans don’t show up in the budget, but the government is on the hook if borrowers default. Adding this debt (19 percent of GDP) to gross federal debt produces a total debt ratio of 122 percent of GDP.
(4) Fannie and Freddie: $5.1 trillion, 33 percent of GDP. The government wasn’t legally required to cover the debts of these “government sponsored enterprises” — the major lenders to the housing market — but almost everyone assumed it would if they got in trouble. That happened in September 2008. With Fannie and Freddie, the total debt ratio rises to 155 percent of GDP.