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walker percy's Journal
Posted by walker percy in General Discussion (1/22-2007 thru 12/14/2010)
Sun Jun 10th 2007, 01:13 PM
or where did it come from...The Federal Reserve System folks - and National Debt - Check out "Money Masters" on Google Video ( I'm too young to start my own post ) and regardless of what you think about Income Tax - here's a story that I'm amazed isn't getting posted on the DU: http://www.edbrownvlog.blogspot.com / or run a search on the name - canary in a coal mine folks...
oh - and here's another one reported in US Today: "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.

The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.

"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.

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.

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined."

Here's a URL: http://usatoday.printthis.clickability.com...
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