recently promised to set up a 'national debt clock' to provide constant updates on the national debt situation. Taiwan's greatest problem, however, lies in its unique definition of public debt that does not conform to international standards and thus does not fully disclose information. By only preparing to set up the debt clock when the debt level is about to 'run out of digits, ' the MOF has shown itself to a step behind the curve. According to Taiwan's Public Debt Act, short-term loans and self-redeeming debt owned by nonprofit funds are not counted as public debt. If these items are included, the outstanding amount of central government debt for 2009 will be NT$4.95 trillion, or NT$810 billion more than the amount announced by the government. Hidden liabilities are another problem. It was revealed that the government's hidden debt -- mainly debt incurred to cover deficits in pension programs for civil servants and social security programs -- will reach NT$13.3 trillion in 2011. If our policy makers do not spend taxpayers' money carefully and more strictly manage the fiscal situation, installing any number of 'national debt clocks' will not help reverse the debt. (Editorial abstract -- Nov. 2, 2010) 