Your owners reported a $1 trillion deficit last year. Using Generally Accepted Accounting Principles to measure our deficit shows a $6.6 trillion deficit. Every company in the country is required to use GAAP to measure their financial results. You now know why your owners don’t want to follow those rules.
“The 2012 fiscal condition of the United States suffered its worst annual deterioration in the history of the Republic. Based on generally accepted accounting principles (GAAP-based accounting), the actual federal deficit hit a record $6.6 trillion in the year ended September 30, 2012, a level that was fully 42% of the nation’s annual GDP.”
Pirate Jo says:
They must be counting the unfunded liabilities.
But if that’s the case, remember that the US Govt has no contractual obligation to make those payments. So, if they only have to keep those “promises” if they feel like it, maybe it’s appropriate that they aren’t booking more debt.
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6th February 2013 at 5:59 pm
Administrator says:
Pirate Jo
They are including accrued liabilities. Corporations don’t have to honor their liabilities either if they choose bankruptcy. It’s the same for the US government.
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6th February 2013 at 6:14 pm
Steve Hogan says:
Can you say, “default”? It’s a question of when, not if, and in what form it will take. We’re Greece on steroids.
This is not going to end well.
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6th February 2013 at 7:25 pm
Outtahere says:
Just more propaganda from DC! Lies and distortions, that’s all they know how to spew out. Along these lines, something dawned on me yesterday. We have reached PEAK BULLSHIT. We can not believe one fucking word that ushers forth from ANY of our elected representatives! We can not believe one fucking word from ANY corporation. We can not/should not believe one fucking word that comes from Wall Street. And of course, we can not believe one fucking word that comes from the Lame Stream Media either. Honestly, it can not get any worse when it comes to a constant barrage of mis-information, propaganda and outright lies we hear constantly.
PEAK BULLSHIT IT IS!
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6th February 2013 at 7:55 pm
Makati1 says:
If the deficits are mostly the social safety net, that can be erased over a few years with the stroke of a pen. Require means testing and freeze the amounts, then slowly decrease the payments for a few years until it is all zeros. Debt gone. Population reduced by 50 million. Police State firmly in place.
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6th February 2013 at 11:53 pm
varnelius says:
Heard a story on the local news tonight that I guess it is getting common for children of a family to share a single toothbrush.
If that doesn’t shout Bananna Republic, what does? 3rd world status, here we come, just rip of the thin vaneer cover.
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6th February 2013 at 3:50 am
American :: THE REAL DEFICIT :: Author yoda | Financial Fall says:
[...] http://www.theburningplatform.com/?p=48788 View full post on opinions.caduceusx.com Tags: American, Author, Deficit, Real, yoda [...]
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6th February 2013 at 8:10 am
Christopher A. Haase » Blog Archive » THE REAL DEFICIT: 2012 fiscal condition of U.S. suffered its worst annual deterioration in the history of the Republic. says:
[...] Please continue reading at: http://www.theburningplatform.com/?p=48788 [...]
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6th February 2013 at 7:05 am