I think he is talking about the unlocked lockbox. Been this way forever.
"Congress a few years ago mandated that the Treasury had to report one report each year that used GAAP accounting..."
The do-nothing, profligate, corrupt, globalist, divisive, and mean GOP Congress mandated something that would coax the government toward fiscal sanity? Hmmmmm.
I believe total federal outlays were 2.6 trillion.
So if the govt. spent zero and still had the taxes the same, one is saying that we would still have a 1 trillion dollar deficit.
This report says federal outlays on a gaap basis is 5.1 trillion.
I have not read the report, but it seems to be irrelevant.
World Nut Doily. What did you expect?
Of course passing a law immediately raising the retirement age by 10 years would instantly produce about a 20 trillion dollars "surplus" for that year.
sometimes cash flow accounting is superior than accrual accounting.
Not that I'm versed in the issues of the economy... John Williams has been issuing doom&gloom predictions for about 25 years. However, his first (out of 2) stopped clock moment is still to come.
A lot closer to truth.
Not alarmism.
Just about anything in World Nut Daily is bogus.
Any discussion of the federal deficit will never come close to understanding it because the ASSETS of the United States government are not mentioned. How much are whole states worth? How much are the buildings worth? What is the US military worth?
Almost all discussions are extremely superficial and of use only to provide political rhetoric.
Corsi is writing crap these days. He did some good with the Swift Boaters with John O'Neill in helping to write Unfit For Command, a best seller. Success will not repeat for him with
what he is writing lately.