I disagree with one point Dr. Williams makes: The federal government is not required to show the “unfunded liabilities” of Social Security and Medicare on its balance sheet because these are not liabilities in the same sense that a business has future liabilities. A business’ liabilities are legal obligations, enforceable in a court of law. Social Security and Medicare transfer payments are doled out at the whim of Congress. They are not legally enforceable liabilities. So the gov-ernment can get away with not listing them on the balance sheet.