Posted on 12/20/2006 5:39:53 AM PST by kenn5
...The US is insolvent. There is simply no way for our national bills to be paid under current levels of taxation and promised benefits. Our federal deficits alone now total more than 400% of GDP.
That is the conclusion of a recent Treasury/OMB report entitled Financial Report of the United States Government that was quietly slipped out on a Friday (12/15/06), deep in the holiday season, with little fanfare. Sometimes I wonder why the Treasury Department doesn’t just pay somebody to come in at 4:30 am Christmas morning to release the report. Additionally, I’ve yet to read a single account of this report in any of the major news media outlets but that is another matter...
...In his accompanying statement to the report, David Walker, Comptroller of the US, warmed up his audience by stating that the GAO had found so many significant material deficiencies in the government’s accounting systems that the GAO was “unable to express an opinion” on the financial statements. Ha ha! He really knows how to play an audience!
In accounting parlance, that’s the same as telling your spouse “Our checkbook is such an out of control mess I can’t tell if we’re broke or rich!” The next time you have an unexplained rash of checking withdrawals from that fishing trip with your buddies, just tell her that you are “unable to express an opinion” and see how that flies. Let us know how it goes!
Then Walker went on to deliver the really bad news:
"Despite improvement in both the fiscal year 2006 reported net operating cost and the cash-based budget deficit, the U.S. government’s total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion..."
(Excerpt) Read more at financialsense.com ...
"even greater than the War on Terror."
Sorry, lost me there.
If the good doctor doesn't know the difference between the deficit and the debt then I'm not sure why the rest of the article should be taken seriously.
This would've never happened if the federal government had stayed restrained to its enumerated constitutional powers.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Oh c'mon now, that was over 200 years ago. You can't expect the "modern" government to abide by some ole thing like the constitution, now can you? /sarc
If citizens have financial problems and write no account or insufficient funds checks, it is considered criminal negligence. Government is not being held to the same accounting standard, or any standard as far as I can see.
It was criminal for Enron to float stocks and bonds, but the US treasury is doing exactly the same without consequence.
Smaller, state governments have a much better grasp on finances. This is a great arguement for the de-centralization of government. But government has too many dependents now. So the dead weight will sink us all.
Once again, average citizens can see the problems. Government chooses to ignore the problems and cover with smokescreens the inability to find solutions.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
The US has been insolvent since that RINO Nixon took us off the gold standard and instituted borrowed currency as our money.
Close the Fed, print our own money again, and get back on the gold standard.
To Hades with the wishes of the international banks!
He has a "Dr." in front of his name, he must know what he is talking about.
If every American had a trillion dollars then bread would be going for about $80 billion a loaf.
there are only two solutions: Raise taxes or cut spending.
guess which one the democrats will chose? OR the republicans fo rthat matter?
and usign this as an argument for the unfair 'fair tax' is disingenuous - unless people pay more, no changes to the system will amount to any more that re-arranging the deck chairs on the titanic.
I would impose a 5% reductions in each and every government agency - no sacred cows. and by reduction, I mean in real terms - you get 5% less this year than last. and I'd impose it for a period of ten years.
And I'd limit any future increases to 1/2 the cost of living per year.
And I'd hold taxes to whatever needed to maintain an income at the present level (Bush's tax cuts permanent).
AND I would change the motto to "ask not what your country can do for you, ask what you can do for your country".
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Libertarian lament?
It's hard to pay for the War on Terror when the country is insolvent.
Guilty as charged!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
It's big enough to take care of itself :)
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