Calculations from the 2007 report also show that the GAAP negative net worth
of the federal government has increased to $54.3 trillion, while the total
federal obligations under GAAP accounting now total $59.8 trillion.
"Social Security and Medicare must be shown as liabilities on the federal
balance sheet in the year they accrue," Williams argued. "To do otherwise is
irresponsible, nothing more than an attempt to hide the painful truth from the
American public.