Skip to comments.Obama's Chicago Style Accounting
Posted on 05/25/2012 7:24:01 AM PDT by NOBO2012
...OK, now I get it were playing by government rules. Its like Chicago rules only better.
Heres all you need to know: if generally accepted accounting principles (GAAP) were good enough for government work, we wouldnt have had to invent generally accepted government accounting principles (GAGAP). But you already knew that your government operates by its own rules, didnt you?
Anyway, in case you were wondering why youre just now hearing that the national deficit is actually 6 times higher than previously reported, its because of the golden rule. Using these special government rules, we dont have to count liabilities for future pension costs. Isnt that special? Of course, regular companies cant get away with that. In fact if any company listed on Wall Street tried to pull that trick, someone would go to jail...
Heres the benefit to government rules: all that money that we collect to pay for your future Social Security pension? We get to spend it! Thats right, its like getting to spend our tax revenues twice! Who wouldnt 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! Thats the sort of thinking that might just earn me an invitation to join Big Guys exclusive club of Big Brained coyotes.
(Excerpt) Read more at michellesmirror.com ...
Obama’s Chicago Style Accounting also used in employment numbers,media winks.
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