Rules ‘hiding’ trillions in debtLiability $516,348 per U.S. householdBy Dennis Cauchon
USA TODAYThe 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.
Thank God we threw the bums out (across the country, that is. Utah Republicans seem to just LOVE unpayable debt). Now, if we can get a Democratic President again, we can get rid of the debt, again. AGAIN.
Unbelievable.
Actually, we never got rid of the DEBT during the Clinton administration. We got rid of the annual DEFICIT, but not the debt.
However, if the U.S. had been using “corporate style” accounting to account for pension liabilities back in the Clinton years, we would have had annual deficit as well.
So we can’t get rid of the debt AGAIN since we didn’t get rid of it in the first place (unless we go back several decades).
Btw, hiding trillions in pension liability is not new to the Bush administration. It’s been going on for a long, long time, even during the Clinton years.
OH SHIT! I forgot to blame Clinton!
My, oh, my, where is my head!?!
I get where you’re coming from, Andrea, but, if you’d reread the article, you can see how much worse it’s gotten in the last six years.
During Clinton, we had positive growth and a reduction in the debt. If Bush had left well enough alone, we’d be a lot closer to meeting our commitments.
Also, remember, that most of the “Clinton Years”, the Republicans ran the Congressional purse.
The way things are going it won’t be long before Bush calls Buckingham Palace asking if we can move back in.
From what I understand about how much it cost just to heat that place, I think he’ll feel right at home there (if a little at a loss for want of brush to clear).