When he was in St. Petersburg May 16, Mitt Romney said that the national debt and "unfunded liabilities" means every American household owes $520,000.
Standing in front of a big digital clock tallying up the ever increasing deficit, the presumptive Republican presidential nominee said the deficit isn't all we owe.
There are also unfunded liabilities, which he said "means promises made by the federal government where there is no money behind it to pay it. "
When PolitiFact Florida checked that out it found that the Romney campaign was using a 2011 news analysis in USA Today that counted Medicare and Social Security as unfunded obligations.
PolitiFact Florida's Angie Holan says:
"We spoke to a number of budget experts and their argument was that it's not precisely right to call Medicare and Social Security unfunded liabilities. They might be considered promises that we've made to older Americans, but the laws can be changed at any time. They're not legal liabilities."
PolitiFact Florida's ruling on the Romney claim is that you may be on the hook for the national debt -- but not to the tune of 500 grand.
The verdict: Half True.
