[Wally_Kalbacken]

Accounting at the level of the federal government is rather arbitrary and overlooks a lot that would be part of a balance sheet of a corporation, if government were more analogous to a business entity. Like the value of the vast federal land holdings as an asset. I'm not saying that the entitlement programs won't ultimately break the bank, it's just not as dire as this commentator suggests.

[Sandreckoner]

“An Office of Management and Budget (OMB) study revealed that the federal deficit for 2007 would have been 69.2 percent higher if the government used the same accounting methods that private companies are required to use.”

Which is a good thing to point out, seeing that the federal government and a private company are so analogous, particularly in their financial toolset. It’s also a good point to make because it makes it sound to the lay person like the “understatement” of the federal deficit is a new thing, and perhaps unique to the United States.

[sauropod]

Glad to see Walker continue to make the rounds.

To his credit, Glenn Beck interviewed Walker last week. Most of America is sleeping. I am dreading the future.

[adorno]

To make the numbers look better they take spending items like Social Security and Medicare off budget.

Ok, social security I understand as money owed to the retired and as such, it is a liability which can be treated as money owed on a credit card.

But, Medicare? Is medicare an obligation comparable to social security which "has" to be paid and that "will always" be with us and cannot ever disappear? Are the American people obligated to pay Medicare as if it were a debt on a credit card?

[mek1959]

Here’s the big problem with this report; the average American citizen, including many on FR. It’s not just the “Congress Critters”, it’s us as well. How many average citizens even know we have a 9 TRILLION dollar debt. How many even know these guys on the Hill spend 3 TRILLION dollars this year alone.

We’re so used to getting jacked by these fools, we’re no longer even paying attention - and they get away with it.

What a mess we’re leaving behind. The greatest generation is being followed what can arguably be described as the worst generation.

How sad.

[Brilliant]

The GOP has tried to reform medicare and social security, and the Dems just lie and demogogue. This is a problem that the Democrats created, and it’s not going to be solved until the Dems admit that they lied, and take upon themselves the responsibility of pushing thru Congress a bill to fix this problem.

[Cacique]

btt

[gracesdad]

It’s not just the Congress Critters. It’s also George Bush and all of us.

[Secret Agent Man]

I don’t suppose anyone knows what the real M3 figure is now that they stopped reporting it? After hundreds of billions have been pumped into the money supply without being publicly recorded?

That’s why they got rid of M3. People would see how much actually was being added to the money supply and start seeing what was going on.

[Secret Agent Man]

My sarcastic reply that the generation who basked in the Roe V Wade ability to abort their unwanted babies (the boomers) are now going to go after their parents and abort them (euthanasia) because they are now inconvenient and even older than they are, and it makes more sense to allocate funds for the “younger elderly” rather than those almost at the end of their lives.

I wonder if the boomers know how well THEIR kids learned from them...

[murphE]

ping

[Pagey]

bttt