Obama's Chicago Style Accounting

Michelle Obama's Mirror ^ | 5-26-2012 | MOTUS

[NOBO2012]

...OK, now I get it – we’re playing by government rules. It’s like Chicago rules only better.

Here’s all you need to know: if generally accepted accounting principles (GAAP) were good enough for government work, we wouldn’t have had to invent generally accepted government accounting principles (GAGAP). But you already knew that your government operates by it’s own rules, didn’t you?

Anyway, in case you were wondering why you’re just now hearing that the national deficit is actually 6 times higher than previously reported, it’s because of the golden rule. Using these special government rules, we don’t have to count liabilities for future pension costs. Isn’t that special? Of course, regular companies can’t get away with that. In fact if any company listed on Wall Street tried to pull that trick, someone would go to jail...

Here’s the benefit to government rules: all that money that we collect to pay for your future Social Security pension? We get to spend it! That’s right, it’s like getting to spend our tax revenues twice! Who wouldn’t sign onto a deal like that? So instead of having to put our Social Security funds into a lock box to grow and to pay for future obligations, we can use it to get other “stuff done” - like propping up failing green energy companies, and providing coeds with contraceptives...

Wow! That’s the sort of thinking that might just earn me an invitation to join Big Guy’s exclusive club of Big Brained coyotes.

[Vaduz]

Obama’s Chicago Style Accounting also used in employment numbers,media winks.