Why $16 Trillion Only Hints at the True U.S. Debt

Chris Cox and Bill Archer at the Wall Street Journal‘: As Washington wrestles with the roughly $600 billion “fiscal cliff” and the 2013 budget, the far greater fiscal challenge of the U.S. government’s unfunded pension and health-care liabilities remains offstage. The truly important figures would appear on the federal balance sheet—if the government prepared an accurate one. But it hasn’t.