Wow: The federal government recorded a $1.3 trillion loss last year

[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

[opihimoimoi]

1. Is there a graph going back 25 years or so reflecting the annual deficits

[Hubert Flottz]

6. Chickenhawk Feed!

It's what happens when you have wars and 5 tax breaks for rich people at the same time.

[opihimoimoi]

17. Worse, ya got Pub Shit spread all over the Landscape...lol

[sam sarrha]

2. the president has a big ass'd hole in his pocket..or his friends have big pockets, we cant take any

more of this shit..

[izzie]

3. I am sure their is mass spinning in all my families grave yards

These people have been in the GOP for ever and to see Bush take that party apart just as he has done any thing he seem to get near has got to be as shocking as the endless spending us in to debt. I mean these people paid for their cars in cash and houses in like 5 years. My mother blow her top when she had to get a credit card to rent a car. She walked out of the bank mad when they ask her income when she asked for a years loan to build a sum room. I mean money and the GOP people are not like us ave. workers at all. Mixing church and state sends these people off their rockers, it just is not done, but spending money one does not have is a real sin.I guess this has to be proof that this is not the real GOP but church nuts and crooks that have moved in. It is sure not the party that I knew as I grew up. In a way it is sort of fun to watch Bush take apart the GOP just as he has done any thing he runs.

[wain]

4. Our elected politicians in DC have been stealing from us

for over 30 years. Taking Social Security payments off the books, spending our payroll contributions and eliminating a trust fund. If any corporation or citizen practiced accounting the way our pols direct the government we'd all be in jail.

[Kiouni]

5. That's it I'm selling my stock!

[Eagle_Eye]

7. There you go! Proof that supply side economics and tax cuts work

[Nikki Stone1]

8. The group in power doesn't care about America; they are destroying us

They're taking what we have and leaving us for dead, all for their own profit and power. I remember Scott Ritter saying "They are not Americans" and I think that is spot on.

[Toots]

9. I hear a great sucking sound

It turns out it's the GOP they really suck.

[Canuckistanian]

10. That's your CEO president

And that's what happens when you use Enron style accounting to run the country's finances.

And there's still another two years left of this kleptocracy.

[sicksicksick_N_tired]

11. Mission accomplished! They've bankrupted the country and,...

,...shifted all the wealth to the greediest SOBs in the world.

Whew, brother!!!

[lpbk2713]

12. How many pallets of $100 bills did they lose this time?

By airlifting them in to a hot combat zone.

The corrupt and inept BushCo regime never ceases to amaze.

[On the Road]

13. I Do Wish They Would Stop Doing This

The deficits are bad enough without the speculative Social Security and Medicare.

Those future accured liabilites are all predicated on very anemic growth rates and are used to create a false need to privatize social security and cut Medicare and Medicaid.

[NMDemDist2]

15. good point! n/t

[Andre II]

14. And you have to add and add

Add to this that this happens EVERY YEAR!
(Look at the example never investigated of September 10, 2001 as quoted in the OP).
Add to this the money that got lost of the budget in Iraq

[Javaman]

16. Hear that loud draining sound?

that's the sound of the economy being flushed down the toilet.