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GAO Fiscal Year 2004 U.S. Government Financial Statements using GAAP
Gov Pub ^ | GAO

Posted on 04/05/2005 2:28:57 PM PDT by babylontoday

Gao Fiscal Year 2004 U.S. Government Financial Statements using GAAP (Generally Accepted Accounting Principles)

"First the federal government reported a 412.3 billion unified budget deficit and a 568 billion on-budget deficit in 2004, representing approximately 3.6 and 4. percent of gross domestic product (GDP), respectively. Second, the U.S. government's reported liabilities, commitments, and other obligations grew by $13 trillion in 2004 primarily due to enactment of the new Medicare prescription drug benefit and now surpasses $43 trillion, representing close to four times current GDP."

(Excerpt) Read more at gao.gov ...


TOPICS: Business/Economy; Government
KEYWORDS: 2004; budget; financial; gaap; gao; govwatch; statement
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So how is our on-budget deficit doing so far this year?

http://www.babylontoday.com/#monthly_deficit

Does anybody care?

1 posted on 04/05/2005 2:28:58 PM PDT by babylontoday
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Comment #2 Removed by Moderator

To: William Creel

Chart of Monthly on-budget deficit of 2005 compared to fiscal 04 and 03

http://www.babylontoday.com/#monthly_deficit


3 posted on 04/05/2005 2:33:55 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

That counter needs to slow down a little LOL.


4 posted on 04/05/2005 2:40:45 PM PDT by jlasoon
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To: jlasoon

Can only speed up from here.


5 posted on 04/05/2005 2:44:57 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

With all the off-the-books unfunded liablities and war costs, if a listed company kept these kind of books, the SEC would bring charges against them.


6 posted on 04/05/2005 2:46:10 PM PDT by ex-snook (Exporting jobs and the money to buy America is lose-lose..)
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To: babylontoday

Well, that sucked. I went through the whole thing looking for a simple balance sheet. There isn't one.

I want to see the national debt compared to the value of the real estate holdings, which include the better part of several Western states. My hunch is that the federal government is solvent, in the sense that it could be liquidated, its debts paid off, and there would be money left over.


7 posted on 04/05/2005 2:50:36 PM PDT by Nick Danger (You can stick a fork in the Mullahs... they're done)
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To: Nick Danger
I want to see the national debt compared to the value of the real estate holdings, which include the better part of several Western states. My hunch is that the federal government is solvent, in the sense that it could be liquidated, its debts paid off, and there would be money left over.

Yup... that's my guess, too:


8 posted on 04/05/2005 2:55:19 PM PDT by So Cal Rocket (Proud Member: Internet Pajama Wearers for Truth)
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To: Nick Danger

This is for 2003:
"Beyond the $3.7 trillion deficit in 2003, however, the numbers get even worse, because the shadow deficit has been taking its toll ever since the Johnson era. According to the Treasury's 2003 financial statement, the U.S. government has a negative net worth of $34.8 trillion. That $34.8 trillion reflects $36.2 trillion in financial liabilities offset by $1.4 trillion in assets, of which only $0.4 trillion are liquid."
http://www.gillespieresearch.com/cgi-bin/bgn/article/id=342


9 posted on 04/05/2005 3:01:08 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

I have heard that some private sector estimates in the ballpark of 20-30


TRILLION.

I'm not sure how the official numbers can get "cooked" or how one set of numbers can be 3, 4 or 5 Trillion, whereas the rotten dead deer in the woods is well North of 20 Trillion.


10 posted on 04/05/2005 3:10:38 PM PDT by Bald Eagle777 (...Charles LaBella Memo?)
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To: babylontoday

Deficit spending is a major problem. As a civilization, we should eventually pay OFF the entire National Debt and operate on a strictly cash basis. The problem is that if we keep having perpetual successive DEFICITS, the sum total of the National Debt keeps growing unabated. How many months or years would the Government have to operate with a positive cash flow to eventually pay off the debt?

Right now, the situation is like a family that is heavily mortgaged (long term) that ALSO is losing money every month (IE: negative monthly cash flows). Taxes help, yet the pressure is ON for more and more unreasonable tax regimes being foisted on the backs of Citizens, unless a major, sweeping change is not made to the entire superstructure.

As a civilization, we need to look at, under a microscope, every single spending item in the last 100 years and all programs that got us into this financial hell hole. The politicians only want to tax the Citizens, that is the only option they can “envision.”

I have some modest proposals.

IDEALLY, we should shoot for zero National Debt, positive monthly cash flows, roll back of the tax regime, and total annihilation of all the redundant BS programs that, once

Most liberal programs and Socialist schemes should be shot down in the first place. All those phone books and phones books, veritable encyclopedias of grants, programs, etc you see? Gone. Those few Socialist/liberal programs that do rarely get passed should automatically have a "sunset period" of one year. Elimination all US funding for the UN would be nice, plus making direct foreign aid illegal, plus no more loan guarantees either. All waste, fraud and abuse should be purged from the system. In some cases, debt forgiveness and Jubilee should be proclaimed. Maybe re-set the debt clock of many to "0" ? That will have a major impact. Abolishing the property tax would be nice, and offering true ownership of Property to Citizens [for primary "homesteads"] would have a major impact also.

Nationalizing the Federal Reserve and the underlying inter-bank banking system would be an additional bonus, with all economic profits derived from interbank interest rates, money supplies, etc going DIRECTLY INTO the U.S. Treasury, not into the hands of private mega banks. Bringing back the Gold Standard would be a bonus.

We need a massive overhaul of the entire system, and pay off the National Debt and keep it that way. However, the bankers wouldn't like the underlying superstructure of the system being Nationalized and under the transparent control of the Citizens and their Representatives (not private banks) and all monies being deposited to the Nation's checking account...

Leaving Citizens with an unmortgaged future and True Ownership in Private property [primary residence at least] with the financial system and public pork barrel firmly under the Citizens’ watchful scrutiny would go a long way. I sense that some Constitutional Amendments would need to go through to make dead certain that U.S. Citizens ran the show and the locus of power and wealth was permanently shifted to individual Citizens and families, not mega-banks, mega-business and international institutions.

As it is now, the individual Citizen and smaller cities and towns operate in an economic environment that does not resemble Early, Agricultural, Republican America.

I say have an economic system that is geared for Individuals, small businesses and towns and geared very, very much away from wealth and power being controlled by massive, distant global entities.

Strength starts at home.


11 posted on 04/05/2005 3:20:54 PM PDT by Bald Eagle777 (...Charles LaBella Memo?)
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To: Bald Eagle777

Perhaps I am missing something. Isn't this entirely beside the point since we probably will not offer the Chinese a note on Yellowstone? Of what consequence was the "wealth" or "assets" of the U.S. during the 1920s in regard to helping to ease the strain of the next decade and a half? The answer is NO CONSEQUENCE. We will not be turning back from the exponential increases in debt. The best the government can hope to do is print its way out of it, however, but judging by M3 we are already doing that quite handily to no avail.
http://www.babylontoday.com/#m3
The chart of monthly debt increase is the ACTUAL INCREASE IN OUR DEBT or inability to pay our bills. You can put it against any measure but the number is still the same. The TREND is demonstrated by this historical debt chart:
http://www.babylontoday.com/#debt_chart
The trend will not be stopped from here.
Sorry.


12 posted on 04/05/2005 3:21:14 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: Bald Eagle777

Perhaps I am missing something. Isn't this entirely beside the point since we probably will not offer the Chinese a note on Yellowstone? Of what consequence was the "wealth" or "assets" of the U.S. during the 1920s in regard to helping to ease the strain of the next decade and a half? The answer is NO CONSEQUENCE. We will not be turning back from the exponential increases in debt. The best the government can hope to do is print its way out of it, however, but judging by M3 we are already doing that quite handily to no avail.
http://www.babylontoday.com/#m3
The chart of monthly debt increase is the ACTUAL INCREASE IN OUR DEBT or inability to pay our bills. You can put it against any measure but the number is still the same. The TREND is demonstrated by this historical debt chart:
http://www.babylontoday.com/#debt_chart
The trend will not be stopped from here.
Sorry.


13 posted on 04/05/2005 3:21:38 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

Yeah, but you can't trust numbers like that. Under GAAP, real estate is valued at "lower of cost or market." That puts the value of Alaska at $7.2 million, which is what we paid for it in 1867. We paid the French $15 million for 13 states' worth of land in the Louisiana Purchase. "Book value" can be very misleading.


14 posted on 04/05/2005 3:22:42 PM PDT by Nick Danger (You can stick a fork in the Mullahs... they're done)
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To: Nick Danger

My point is that whatever the U.S. owns is of no importance in regard to the fix we are in. Spending won't cease. As you can see from the report George increased our future liability by almost 33% with the stroke of a pen. This is what the folks WANT. You loose. As long as we live under a Marxist system of taxation we will reap the reward that was sown in 1913. THE JIG IS UP. Taxes would cause recession and reduced revenue so you can forget that. Americans are tapped out. Monitizing the debt is the only way out short of default.
http://www.babylontoday.com/index.htm#household_debt


15 posted on 04/05/2005 3:33:05 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

Are you the guy who invented the accounting system where we count the liabilities but ignore the assets? No wonder you can't construct a balance sheet. All you want to do is rant about debt as a flag-word. Go ahead and rant; I want no part of it.


16 posted on 04/05/2005 3:57:36 PM PDT by Nick Danger (You can stick a fork in the Mullahs... they're done)
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To: Nick Danger

I'm merely interested in the trend, my friend.
http://www.babylontoday.com/#debt_chart
I personally don't believe we will see Lucent or Global Crossing back at their old highs anytime soon, which accounted for the only slowdown in this chart. Keynesian economics and faux dough via Federal Reserve are the culprits. Don't blame me I am only the messenger.
http://www.babylontoday.com/#m3
Kinda hard to speed up the monitization from here.


17 posted on 04/05/2005 4:09:35 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

Offering U.S. assets on the auction block is a very bad idea, to either the Chinese, the U.N. or any public or private bank. I think many patriotic Americans would agree.

Debt is a problem. I have always laughed when many do not know the difference between the Deficit and the National Debt..... No wonder why our future is so heavily mortgaged.

M1, M2 M3, interbank offering rate, etc. doesn't matter. Either kill the debt, cut spending, cut borrowing (using a variety of strategies) or print more money.

Or, check this out, Repudiate the Debt. Say, we have a bigger Army, and say "go take a hike." As George Carlin would say, there's a lot of good we can be doing!

As far as I'm concerned, the old and interesting phrase "all bets are off" applies if any entity or person(s) try(ies) to, quite literally, sell this country out.


18 posted on 04/05/2005 7:35:14 PM PDT by Bald Eagle777 (...Charles LaBella Memo?)
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To: Bald Eagle777

Since M3 demonstrates that we have doubled the supply of ALL MONEY in just 9 years I would say that monotizing is not a very attractive option.
http://babylontoday.com/index.htm#m3
Default is the only other. What do you bet that the Gov defaults on U.S. holders first? Remember they confiscated our gold in 1932 and made it illegal to own but paid out gold to foreigners until Nixon closed the gold window.
Somethin to ponder.


19 posted on 04/05/2005 7:55:29 PM PDT by babylontoday (http://www.babylontoday.com/general_assets.htm)
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To: babylontoday

Roger that. WAAAY too many convergent economic indices to comment on. Also, there are too many past and present policy decisions, plus "other" structural factors. From another standpoint, it's a "target rich" environment.

Suffice it to say, we need to "rock the house", one way or another.

Bottom Line: I do NOT want to see any U.S. Citizens get screwed under any set of circumstances. [I guess I admit where I am coming from, like the proverbial Bull in the China shop]. Every American a King, each in his own castle. Or, each have their own proverbial "fig tree"....

Check this phrase out and let me know what you think:

"Fractional Reserve Banking"


20 posted on 04/05/2005 8:24:38 PM PDT by Bald Eagle777 (...Charles LaBella Memo? Let the Dems run from this one...)
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