Rules 'hiding' trillions in debt

[a_priori]

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.

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[goofyjim]

Maybe if they made it easier for the disabled to transition back to work instead of knocking them off benefits altogether then those like myself would be working fulltime accounting jobs or others like it and paying more in taxes. As it is now there is more security in staying disabled.

 

[manualman]

That’s what drives me crazy when I hear foolish people talk about the Social Security “Trust Fund” surplus. Duh, its gone. The pols spent it over the last 25 years to cover up just how bad the budget really was. There is no lock box, the ‘surplus’ SS funds have all been squandered on other spending.

I forget which Founding Father said something to the effect of “Democracy will only function until the masses realize that they can vote to give themselves money.”