The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows.Do you still feel like the richest country on earth? Our national debt has the capability of destroying the middle class and turning the United States into Argentina. When will the American people demand that our financial house be put in order?
The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.
"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.
Tuesday, May 29, 2007
Rules Hiding Trillions In Debt
The Federal Government is using Enron like accounting practicies to hide trillions in debt.