The issue with US unfunded liabilities, rests primarily with social welfare programs and the fact they have not been "reserve funded" by the government. Imagine what great shape the US would have been in if we had reserve funded our social security, medicare, medicaid, prescription drug plans, etc. Instead, our politicians have had eighty years of collecting taxes for all of these programs and then, as the revenues streamed in, they utilized the funds for other purposes. It by now likely constitutes the greatest instance of theft ever known in human history. And not a one of these US political figures will ever spend one hour in jail for what is likely the greatest case of public theft the world has ever seen. You can bet however, their pensions have been fully " reserve funded". None dare call it treason? Well, I do!!

Brian