“James Hamilton believes the government leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds, which bring the total amount the government owes to a staggering $70 trillion, he says. ‘The biggest off-balance-sheet liabilities come from recognition of the fiscal stress that will come in the form of an aging population and rising medical expenditures,’ Hamilton says, adding, ‘There are many historical episodes in which off-balance sheet liabilities ended up having quite significant on-balance sheet implications.’”
formerly http://www.foxnews.com/politics/2013/08/14/california-economist-says-real-us-debt-70-trillion-not-16-trillion-government/
