Show us the real numbers, Uncle Sam!
Here's an excellent article in USA today describing how an internal audited government report which includes budgetary effects of entitlement liabilities shows a far worse picture of deficits and the government's financial health.
It should be required reading for every voter.
It's interesting that a bigshot at Social Security said it was inappropriate to use accrual accounting for entitlements. What the means is that he is acknowledging that those debts are not really government obligations, that the government could decide to change or even eliminate those payouts at any time.
This additional example of the lack of security in Social Security is another great example of why we must all support personal retirement accounts instead of the current system. Our current payroll taxes are being spent by politicians on bridges to nowhere, leaving nothing but IOUs that they will have to tax us again to pay off!
see "What's the real federal deficit?" (USA Today, 8/3/06)
|Print article||This entry was posted by Rossputin on 08/05/06 at 03:24:42 am . Follow any responses to this post through RSS 2.0.|