Author Topic: Standard business accounting shows US lost $1.3 trillion last year  (Read 789 times)

ribonucleic

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<< 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. >>

http://usatoday.printthis.clickability.com/pt/cpt?action=cpt&title=USATODAY.com&expire=&urlID=22498576&fb=Y&url=http%3A%2F%2Fwww.usatoday.com%2Fprintedition%2Fnews%2F20070529%2F1a_lede29.art.htm&partnerID=1660

Camel Jockey

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Re: Standard business accounting shows US lost $1.3 trillion last year
« Reply #1 on: May 30, 2007, 10:30:17 AM »
Quote
Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.


Good to see the Feds not caring about accrual accounting..  >:( It's like white collar crime commited by the US government..  :-\

Laughing Sam's Dice

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Re: Standard business accounting shows US lost $1.3 trillion last year
« Reply #2 on: May 30, 2007, 11:49:40 AM »
Keep voting conservative! 
Stick out your tongue.

headhuntersix

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Re: Standard business accounting shows US lost $1.3 trillion last year
« Reply #3 on: May 30, 2007, 11:52:26 AM »
Yeah because these guys all started work 8 years ago..do u have any idea how the government is run?
L

Laughing Sam's Dice

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Re: Standard business accounting shows US lost $1.3 trillion last year
« Reply #4 on: May 30, 2007, 12:02:35 PM »
Yeah because these guys all started work 8 years ago..do u have any idea how the government is run?

Let me take a wild guess- the multi-billion dollar corporations give money to candidates who will offer them ways of making more money (tax breaks, pro-business/anti-worker regulations, etc).  Those candidates who have the most money from their corporate backers then buy exposure time in the mainstream (corporate) media.  The ill-informed American public votes for one of these candidates, naively thinking the candidate is on the side of the middle class (not the rich).  Once in office, that administration returns favors to its funders and creates policies that benefit their funders and themselves. 

Example, invading another country in order to use tax money to fund their investments in the military-industrial complex and the oil business. 

Does it work something like that?
Stick out your tongue.

Decker

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Re: Standard business accounting shows US lost $1.3 trillion last year
« Reply #5 on: May 30, 2007, 12:04:34 PM »
Under President Bush's Borrow and Spend Policies, the national debt has nearly doubled.

2000  5.674 Trillion
2006  9 Trillion
http://en.wikipedia.org/wiki/U.S._public_debt#A_brief_history_of_the_debt

Thanks to the economic and tax policies of Bush and the Republican party, we have a national debt that is weakening confidence in the dollar and hurting the US.