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Rules 'hiding' trillions in debt Liability $516,348 per U.S. household
By Dennis Cauchon, USA TODAY
The federal government recorded a $1.3 trillion loss last year -- far more than the official $248 billion deficit -- when corporate-style accounting standards are used, a USA TODAY analysis shows. The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss -- equal to $11,434 per household -- is more than Americans paid in income taxes in 2006. "We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting. Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later. The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition. ............
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2 comments:
They've tossed fiscal responsibility out the window since Clinton (who really knew his shit when it came to economics, by the way) in favor of robbing us blind.
people didn't give clinton his due. many thought he was a rube. he wasn't. he was (and is) wicked intelligent. he also knew his way around policies and procedures and the american peeps.
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