You are correct. And when we find out how much debt including unfunded liabilities, especially public and private pensions; the American people will be stunned.
Alaska will probably need to be sold off to pay off the huge debt owed to the Fed Reserve.
This stuff is news already here in NJ; those liabilities are driving businesses and American taxpayers out, and the replacements (illegals) aren’t contributing anything to help deal with it. NJ is becoming very Third World, as there is no money left to fix anything - it is being directed to the people who used to fix things (who retired twenty years ago).
when the American people see the debt incurred with all these preposterous govt pensions, they will look at their govt employee neighbors or friends very differently....