J.W. VERRET: The Shadow National Debt. “When the U.K. recently recognized in its budget the debt from its two bank bailouts, its national debt doubled overnight. Warnings later emerged that the U.K.’s Triple-A bond rating may be in jeopardy, unprecedented for a modern Western nation. If we properly accounted for our debt and deficit, we might be in the same situation.” But there’s pushback in the comments.

UPDATE: Can’t argue with this, though: Peter Suderman: Every Time Congress Promises Future Savings, Its Nose Grows A Little Longer.

ANOTHER UPDATE: James Pethokoukis: America’s Banana Republic Economy. “What confidence should dollar investors have that America will really cut entitlement spending? Very little. Instead, we are more likely to see huge tax increases that could cripple productivity, or further dollar neglect, or a central bank that turns dovish on inflation. Or perhaps all three.” Let’s hope he’s wrong.