Friday, June 22, 2007
You Owe $516,348
The Government is using creative accounting practices to hide multi trillions of dollars in debt according to Dennis Cauchon with USA Today. The entire liability for each U.S. household on the accumulated debt is $516,348.
The debt accumulated in fiscal year 2006 was over $1.2 trillion in reality, but was reported after creative accounting to be only $248 billion. That represents an accumulated debt owed on the federal budget for each household of $11,434 for 2006 alone.
If corporations or professional accountants were to use the methods which the federal government uses, they would be tossed in the pokey for defrauding their investors. Of course we know that there was a revolving door between corporations and the agencies in government that oversaw those agencies under the Republican rule of Washington D.C., so maybe that explains how these creative accounting practices came to be the rule of thumb on federal budgetary matters.
But this is all going to turn around, because Kvatch reports that since the Democrats have taken control of Congress, the President is bound and determined to stand against wasteful government spending.
But we are where we are, which is a whole lot worse off than where we were when Bush was selected in 2000. So if your household would pay just $31,000 for the next 75 years (and every other household in the nation follows suit) we pay off all the debt accumulated to this point.
I have an even better idea. Charge each Republican household about $93k per year for the next 75 years and make them pay... literally pay... for the budgetary disaster the Republican Congress and Bush foisted on America.
The debt accumulated in fiscal year 2006 was over $1.2 trillion in reality, but was reported after creative accounting to be only $248 billion. That represents an accumulated debt owed on the federal budget for each household of $11,434 for 2006 alone.
If corporations or professional accountants were to use the methods which the federal government uses, they would be tossed in the pokey for defrauding their investors. Of course we know that there was a revolving door between corporations and the agencies in government that oversaw those agencies under the Republican rule of Washington D.C., so maybe that explains how these creative accounting practices came to be the rule of thumb on federal budgetary matters.
But this is all going to turn around, because Kvatch reports that since the Democrats have taken control of Congress, the President is bound and determined to stand against wasteful government spending.
But we are where we are, which is a whole lot worse off than where we were when Bush was selected in 2000. So if your household would pay just $31,000 for the next 75 years (and every other household in the nation follows suit) we pay off all the debt accumulated to this point.
I have an even better idea. Charge each Republican household about $93k per year for the next 75 years and make them pay... literally pay... for the budgetary disaster the Republican Congress and Bush foisted on America.
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