Wow: The federal government recorded a $1.3 trillion loss last year [View All]

[Andre II]

That's some money!


"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."
http://www.usatoday.com/printedition/news/20070529/1a_lede29.art.html


Amazing.
As amazing as Rumsfeld announcing on September 10, 2001 that the Pentagon couldn't track $ 2.3 trillions of transactions.
http://www.defenselink.mil/speeches/speech.aspx?speechid=430