Which is worse: WorldCom or Congress?

TownHall.com ^ | 7/03/02 | Walter Williams

[Huck]

From the Rettenmaier article:

It is often noted that the government debt grew substantially during the presidency of Ronald Reagan. This statement is misleading. The explicit public debt did increase between 1980 and 1988 - from 26.1 percent of Gross Domestic Product (GDP) to 40.9 percent. However, based on the alternative measure of Social Security's unfunded obligations, over the same period implicit Social Security debt actually fell - because of the reforms adopted in 1983. As a result, the combined Social Security and explicit government debt fell from 232 percent of GDP in 1980 to 157.5 percent of GDP in 1988. Thus the combined government debt was reduced by 32 percent - almost one-third - during Ronald Reagan's term in office.

During the presidency of George H.W. Bush, the combined debt rose from 156.3 percent to 172.08 percent of GDP. By the end of the Clinton presidency, in 2000, the combined debt had fallen to 135.52 percent of GDP.

Interesting.

[Uncle Bill]

STATE OF FREEDOM

Read related story

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Are Americans freer today than in 1776?

No, federal government has replaced British empire as oppressor	49.12% (2084)

No, with tax-freedom day in mid-May, we're no more than slaves	14.99% (636)

No, we're less free in most respects	11.57% (491)

In some ways freer, in some ways not	9.80% (416)

No, I'd take 1776 life over 2002 any day	9.12% (387)

Yes, Americans have more and can do more	2.59% (110)

Yes, in all respects	1.86% (79)

Other	0.35% (15)

Yes, government has empowered once-disenfranchised groups	0.33% (14)

Yes, the nation is not a colony	0.26% (11)

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TOTAL VOTES: 4243

SOURCE: SLAVES RESPOND

[Fixit]

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[Uncle Bill]

Uncle Sam's Audit Gap

Government Fails Fiscal-Fitness Test

U.S. Federal Government Accounting Methods

$3,400,000,000,000(Trillion) of Taxpayers' Money Is Missing

The War on Waste - Rumsfeld Says 2.3 Trillion Dollars Missing

1.1 Trillion Dollars Missing At Defense Department

HUD Missing 59 Billion

Billions Lost By Feds

Cooking The Books At The Department Of Education

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Bush Pushes Prison For Corporate Scammers

"We've had too many cases of people abusing their responsibilities, and people just need to know that the SEC [Securities and Exchange Commission] is on it, our government is on it," - George W. Bush