Tuesday, October 17, 2006

The REAL Deficit Story that Corprorate Media is Ignoring

Surprise - it's not what Bush has been claiming, not even close. Of course, we haven't been hearing about it on any msm outlet. The real story is available to anyone who wants to read it, in a report published by the U.S. Treasury Department, titled "U.S. Financial Report". (link to full report follows). The information it contains is so staggering, it's hard to imagine how, even with today's sad state of media, that this is not news. But that's why smart people like you read good blogs like this one, right?
Here are some of the findings of the Treasury Department:
The actual deficit in 2005 was $760 billion, not the 318.5 billion that the Busheviks have claimed. This amounts to $375,000.00 for every working American, or $156,000 for each American citizen.
THE ACTUAL NATIONAL DEBT IS 49 TRILLION, NOT THE 8.3 TRILLION THAT BUSHCO STATED. This figure has doubled in the last five years, thanks to the foolhardy, irrational spending on boondoggles that only benefit a tiny fraction of Americans - namely, the ultra rich. An idiot war of choice, slashing taxes for the folks that can most afford to pay, raiding the Social Security Trust Fund are just a few examples. In other words, the investor class is propsering, but no one else is. The middle class is virtually disappearing due to these disastrous policies, and the situation is getting much, much worse. Representative Jim Cooper, D-TN, has been working to bring to light these figures and more. He is worried that soon, entire programs will have to be eliminated, programs that are essential to millions of Americans. In an article that appeared on Buzzflash on 9/7/06, he stated that "...the report is the most powerful critique of the Bush Administration, because it was produced by them". The Buzzflash article also stated that "the administration tried to hide the report by distributing it to fewer than 20 members of congress...with no accompanying press release or media announcement."
Why is this administration able to state that our debt is so much less? Because unlike most businesses, they are using cash, rather than accrual accounting. Cash accounting only describes what's in your piggy bank on any given day. Accrual accounting gives you the whole picture; what's in your piggy bank, plus everything you owe on your utility and credit card bills, for example. So the government isn't counting future spending obligations in its figures, and certainly not the Iraq War! And the Treasury Department itself didn't even take into account Medicare and Social Security - if THOSE programs were figured in, the actual 2005 deficit was in reality $3.3 trillion, more than 10 times what BushCo claimed.
When we as individuals don't have enough income to pay each bill on time - for example, the huge medical bills many of us deal with - we are labeled with the scarlet letter of bad credit, made to stand on the public scaffold of judgement, and denied homes, cars, even jobs. But the government just has a "deficit" - and there is no penalty or restriction on future foolhardy spending - it's business as usual and worse. If anything, the clear pattern is MORE insanity in spending, more plans for costly, unnecessary wars, more tax cuts for the rich and corporations. Start talking to your friends and neighbors, write letters to the newspapers and to your pathetic excuse for congressional representation, and don't stop until enough people learn about the economic reality that has been hidden from us. Maybe then the media will be forced to acknowledge reality, who knows - stranger things have happened.




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