The True Federal Deficit!

"The merchants of the world will weep and mourn for her, for there is no one left to buy their goods." Revelation 18:11

The 'state' of our economy is dismally bad,

Learning the truth makes you really mad,

What Congress tells us,
Doesn't fully address,
Trillions that businesses would have to add,

"There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers."
Richard Feynman (1918 - 1988)

Did you know that the official federal deficit numbers that Congress tells us leaves out something that would be illegal for any business in the United States?

The difference between Congress and businesses is that Congress does not have to operate under GAAP (Generally Accepted Accounting Principles). Under these rules, businesses must report the cost of promised retirement benefits. This is also true for states and local governments, but not for Congress.

This graph from USA TODAY shows the actual federal deficit if Congress had to follow the same rules as "everyone else." In 2011, Congress reported a federal deficit of 1.3 Trillion, but the real number should of been 5 Trillion. That is a difference of 3.7 Trillion dollars.

USA TODAY reported, "Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, but the amount was not registered on the government's books."

Below are some [block quotes] from USA TODAY:

• Social Security had the biggest financial slide. The government would need $22.2 trillion today, set aside and earning interest, to cover benefits promised to current workers and retirees beyond what taxes will cover. That's $9.5 trillion more than was needed in 2004.
• Deficits from 2004 to 2011 would be six times the official total of $5.6 trillion reported.




• Federal debt and retiree commitments equal $561,254 per household. By contrast, an average household owes a combined $116,057 for mortgages, car loans and other debts.

How are we, as a nation, going to solve this problem? We have got to recycle the idiots in Washington and elect true conservatives. I am not talking about another Bush or people like a majority of "so called" conservative we have in office now. We need "grass-roots" Tea Party Patriots elected and go in and "clean house." If this is not done soon, I truly believe this country "as we know it" is over.

Did you know that if we paid $1 a second on our deficit it would take over 480,000 years to pay off the existing debt we have right now! How much more can we take before our economy totally collapses. I do not think it is much longer. Please, Lord help us!

What are your thoughts?

AppleWriter.blogspot.com