Rules 'hiding' trillions in debt

uscitizen

uscitizen

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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.

http://usatoday.printthis.clickability.com/pt/cpt?action=cpt&title=USATODAY.com&expire=&urlID=22498576&fb=Y&url=http%3A%2F%2Fwww.usatoday.com%2Fprintedition%2Fnews%2F20070529%2F1a_lede29.art.htm&partnerID=1660
 
bump for those who seem to think this is not important.

RSR for sure need to read the link.

Just merely enronesque accounting practices. aka cooking the books for political gain and national loss.
 
uscitizen said:
bump for those who seem to think this is not important.

RSR for sure need to read the link.

Just merely enronesque accounting practices. aka cooking the books for political gain and national loss.
Click to expand...


I didn't respond, not because I think it's unimportant, but because this is nothing new. You don't have to dig deep to realize that many of the government numbers are not accurately reported. The article says the White House and the head economist at a liberal think tank disagree that the numbers are being reported erronioiusly (sp). Is that any surprise?

The claim is the programs can be cancelled at any times. Realisticially Congress is not going to end Social Security or Medicare so that argument does not hold much weight.
 
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