Wednesday :: Apr 19, 2006

Let Them Die And Decrease The Surplus Deficit


by pessimist

The US government owns the printing presses. They can simply print all the cash they want to.

The Dickens, you say?

I don't think so! The problem of Bu$hCo deficits has grown so large that the Republican-Owned Media can't even ignore it anymore, not with investors abandoning support for Bu$h. they are finally levelling with the American people in terms even Red Staters can understand: we're broke:


Bush's new budget designee must grapple with huge deficit
BY KEVIN G. HALL
Knight Ridder Newspapers

WASHINGTON - Awaiting Rob Portman when he becomes director of the White House Office of Management and Budget is this chilling fact: By one measure, the government's budget deficit is actually twice as big as last year's official total of $319 billion. Conservatives like Brian Riedl, the chief budget analyst for the Heritage Foundation, complain that federal spending has grown 45 percent since 2001... The $319 billion deficit is based on cash-basis accounting, which tracks money flowing in and out of federal coffers as payments are made or received.
But it's actually more.
When Treasury Secretary John Snow signed off in mid-December on the 2005 Financial Report of the United States Government - the official federal balance sheet - he acknowledged that a parallel accounting method showed the budget deficit was actually about $760 billion. [S]ince 1997, the government also has estimated the present-day cost of promised future spending using accrual-basis accounting, which is the norm in corporate America. The $760 billion accrual-basis deficit for fiscal 2005 was up sharply from the $615.6 billion deficit of a year earlier.
In fact, the accrual-basis deficit has grown each year of the Bush presidency.

It only gets worse:

If the bigger-than-advertised deficit isn't troubling enough, there's this attention-grabbing fact buried in the government's 158-page financial statement: The U.S. government's unfunded liabilities - financial promises to be paid by future generations - now exceed $46 trillion.
Yes, $46 trillion - enough to give $155,932.18 to each of 295 million Americans.
The bulk of that staggering number, $36 trillion, reflects a present-day value on promises that the government has made for health and retirement benefits to 76 million baby boomers born between 1946 and 1964. The first boomers reach the early retirement age of 62 in 2008.

Think of it as the government making a purchase on a credit card. The goods and services are paid for in the future, but they're counted as liabilities immediately, such as pension commitments to veterans. "The (cash-basis) budget deficit doesn't pick up those long-term obligations because they have no current effect," said Donald Hammond, the assistant treasury secretary for government financial operations.

Just how much more blatant does it have to get before Red Staters all over the country understand that Bu$hCo Lied - about this and everything else they promoted? After all, the proof - that even FAUX Nooze won't be able to deny - is almost at our empty hand:

"Director Portman will be inheriting the most dire long-term fiscal outlook we've ever had," said Riedl.
"The first baby boomers retire in 18 months,
and the Social Security, Medicare and Medicaid costs
are set to explode."
"I think they're facing the largest challenge I've seen in recent history, in terms of an administration having to decide whether they continue to borrow and spend, or whether they face up to very difficult choices that have to be made to discipline the budget," said Leon Panetta, who served as President Clinton's budget director and later was his White House chief of staff.
"I think we'll find out in the next few months what that decision is going to be."

We aren't going to have to wait. We already know that if you aren't a Have - or a Havemore - you're hosed. There is no retirement. Not anymore. Cut taxes again, and throw the lazy retirees over the side! Then, with immigrant labor taking all of the jobs, Bu$hCo will have millions of volunteers for the Corporate Imperial Army!


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