[doc30]

The bottom line is that the govenment issues a figure for a reported surplus or deficit. The problem is that the total debt increases every year by more than what the government says is the deficit for that year. And even when we had a surplus, the national debt still went up. And, accoring to new numbers, social security will be running out about 8-9 years, not the ~30 years publicly acknowledged. This is hidden by the same accounting tricks.

[Crazieman]

Yeah, medicare/social security has about $50+ trillion in debt.

The government has about 5 sets of books.

[EagleUSA]

OK, so when does the fed devalue the dollar?? The debt will NEVER be paid, so when does the house of cards come down?

[goldstategop]

If a private business tried Enron style accounting tricks like that, its management would be hauled off to prison. Yet the federal government is exempt from the same Sarbanes Oxley rules it imposes on every one else.

"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 Palelologus

[DManA]

Refer these numbers to anyone who insists on arguing that Clinton ran a surplus.

[the_devils_advocate_666]

My liberal brother told me over Thanksgiving that Bill Clinton had a balanced budget and the deficit was in decline during his terms. Is that true?

[mysterio]

Our debt is a national security crisis.

[Toddsterpatriot]

The problem is that the total debt increases every year by more than what the government says is the deficit for that year.

Why aren't government assets included in this story?

[11th Commandment]

The federal government "fund" trick has been around for 30-40 years. Here are the funds that I remember: Social Security, Medicare; General, Transportation, Land.

The trick is that for years the Social Security, Transportation and land funds run large "surpluses". This amount is netted against the large deficit in the General fund. What suffers are roads and infrastructure that congress does not build as well as park expansion and maintenance. So when the Minneapolis Bridge collapsed this summer and the “solution” was more taxes is a myth. The solution is that congress spends earmarked gas taxes on roads and bridges and stop raiding the fund. If they can’t spend the money fast enough, then lower the tax.

Next is Social Security. This article should point out that there is not a “fund” or “lock box” for Social Security. Why, because the only investments by law that SSA is allow to buy are US Treasuries. This is like your 401(k) only having investments that are loans to yourself. You might have a lot of “assets”, but you ain’t retiring.

Another poster has it right- SS is breakeven in 7-8 years, then it has to cash in its bonds to make retirement benefits. I hope the Chinese continue to like our treasuries.

[traviskicks]

Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.

[pby]

If GAAP (Generally Accepted Accounting Principles) were used in calculating the deficit, which they are not, the defecit would never be stated in the billions of dollars, but in the trillions (as previuosly stated by the GAO).

The reported number is inaccurate and worthless.