This piece came out in yesterday’s Wall Street Journal, but its content is too important to let it glide past without sufficient amplification. Its authors are Chris Cox (a former Congressman and SEC Chairman) and Bill Archer (the former Chair of the House Ways and Means Committee). Both were members of President Clinton’s bipartisan commission on tax and entitlement reform in 1994. As today’s politicians bicker over the minutiae of a deal to avert the man-made disaster known as the “fiscal cliff,” Cox and Archer warn that America is headed toward a far more dangerous precipice if our entitlement spending isn’t responsibly and seriously reined in. Their piece explicates why the record-setting, eye-popping annual deficit and national debt figures that most Americans have heard about — $1.1 Trillion and $16 trillion, respectively — don’t even approach capturing the magnitude of Uncle Sam’s red ink. In short, the government is relying on budgeting gimmicks and practices that would land private sector accountants in jail: