By the standard debt-to-GDP measure, the US is in somewhat better fiscal shape than Italy, but this excludes the present value of myriad off-the-books obligations. This column employs fiscal gap accounting and generational accounting to reveal a very different story. While both countries are running unsustainable fiscal policies, the immediate adjustments needed to restore US fiscal solvency are far greater than those required of Italy. The findings suggest that Congress must mandate the Congressional Budget Office to do fiscal gap accounting and generational accounting on a routine basis and immediately adjust policy to eliminate the country’s massive fiscal gap. […]