What is MISSING from the $7.4 Trillion in debt ?(remember this)

[underpants]

My wife and I both have accounting degrees and we brainstormed about how you just get rid of a liability with "accounting tricks". Uh....

Now remember this is governmental accounting which is different from regular accounting-I won't go into that (my wife knows more about it than I do).

Back in the 90's the Republicans and Democrats came to an agreement on how to balance the budget. Aside from increasing revenue and streamlining the government as best they could they changed what is included in the figurin'. Granted things were way better off than they are now but keep this in mind. The set their own rules in how to measure how they are doing, a great thing to be able to do.

What isn't included in the budget/debt figures you are hearing?

Treasury bills outstanding (chiefly sold to the Chinese and Japanese now)

and

Government pensions ( not Social Security but bureaucrat's and military pensions)

There never really was a "balanced budget" but like I said things were much better handled. This $7,400,000,000,000 (look at that number LOOK AT IT!) figure still doesn't include those two items. Oh yeah and the postal service isn't in there either.

In an election year, so far, the Republican lead Congress has not raised the acceptable debt limit (another great thing to be able to do) and the US is in danger of DEFAULTING on its loans.

[Deja Q]

1. If * wins, it's over. If Dems win, all repukes will do everything slimy

to make sure it's all over.

Corporate america wants the government to fail. It will take over completely. They're not going to give up what they already have by proxy. And direct control will allow them to end social programs and allow offshoring to skyrocket and exterminate the middle class. (to be succinct; the issue is rather more complex but I can easily see horrible things happening, making Ken Lay's escapade look like a sandbox squabble by comparison.

[underpants]

4. THAT is the point

"starve the beasters" as Krugman calls them who use the useful idiot "Supply siders" (no one really thinks that will work except the really naive) as a front.

Yes that is where they are trying to take us in a "new era of ownership" HEY! right now you can OWN your own flu! that is the point of this...."Look we don't have any money so we have to make cuts"*

*-but not to defense contractors WHAT? DO YOU HATE AMERICA AND WANT IT TO BE LESS SAFE? Oh and corporate welfare which is why you have a job to start with so shut up or we will fire you then where will you be? Go produce for us.

[Demit]

2. Isn't the Postal Service self-supporting now? (Minor point, just curious)

[underpants]

3. It is an off-budget item

USPS has lost money the last 4 (?) years after actually making money for 3 out of 5 (I think it was). "Self supporting" sort of.

[soothsayer]

5. That's a normal postal budget cycle. Every stamp increase, they make

money for a couple of years, which they must then PAY to the gov't as they can't make a profit, then they lose money for the next few years, then hike the prices. The funny little secret is that they actually have no idea how much it costs to deliver a piece of mail...! But it all seems to work out, and at a good rate, too.

[underpants]

6. Yeah you are right

Very good point.