Somebody is going to get screwed.

Little Raven

Little Raven

On Walkabout
Joined
Nov 6, 2001
Messages
4,244
Location
Cozy in an Eggshell
Because the numbers just don't add.
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.
Click to expand...
Now there's a reason that the government doesn't have to account for things the way that corporations do. At the end of the day, the government can always say "Yeah, we said we'd give you X...but we lied." Corporations ultimately can't do that, much though they try, so it makes sense to have the two entities play by different rules.

But while the government can (and ultimately will) do that, someone still has to take it in the shorts. Expect a lot of screaming about who that lucky group of people should be.
 
Little Raven said:
Because the numbers just don't add.Now there's a reason that the government doesn't have to account for things the way that corporations do. At the end of the day, the government can always say "Yeah, we said we'd give you X...but we lied." Corporations ultimately can't do that, much though they try, so it makes sense to have the two entities play by different rules.

But while the government can (and ultimately will) do that, someone still has to take it in the shorts. Expect a lot of screaming about who that lucky group of people should be.
Click to expand...

what is the YoY increase using the same measuring stick?
 
All the more reason to immediately abolish ALL entitlement programs at the federal level with the exception of those for people who actually work directly for the federal government.
 
I'm getting screwed out of my SS !!!! Not news to me.
 
The day when you all get screwed is the day when the people who said you should have done something about Social Security (and similars) say "I told you so".

Edit - My country will screw me with SS too. I have to pay for it and will never see anything of it. But I always knew this was going to happen and have planned accordingly.
 
VRWCAgent said:
All the more reason to immediately abolish ALL entitlement programs at the federal level with the exception of those for people who actually work directly for the federal government.
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but what will small states do without the big states to cover their entitlements?
 
mrt144 said:
but what will small states do without the big states to cover their entitlements?
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As best they can. Some States want to offer entitlements, great. Some States do not want to offer any entitlements, great.
 
Little Raven said:
At the end of the day, the government can always say "Yeah, we said we'd give you X...but we lied." Corporations ultimately can't do that, much though they try,
Click to expand...

Uh...

Hey, did you hear about the second part of the bankruptcy reform bill, whereby corporations and not just individuals will be held to a stricter standard of responsibility for their financial obligations?

You didn't? Huh, that's funny ... neither did I :(
 
BCLG100 said:
And here was me thinking this would be some success story of the cfc dating program...
Click to expand...

You = win this thread.




And it's not all that surprising. The US economy is hardly in good shape, and the world is rapidly loosing faith in it.
 
The quicker the demise of Social Security the better.
 
first:
sell the land gained form the Louisiana purchase back to france, we could make a good income and it's not like anyone lives there anyway:crazyeye:

second:
stop electing fiscal conservatives. When they get into office they have a nasty habit of spending our money like a 16 year old girl with daddy's credit card.
 
This is what happens when the Leftists get their way and the nation becomes a welfare state.
 
John HSOG said:
This is what happens when the Leftists get their way and the nation becomes a welfare state.
Click to expand...

because giving money to people who are too old to work is a bad thing in social care?

"grandpa, i know you cant work anymore so just go lay in that ditch and die" :lol:
 
mrt144 said:
because giving money to people who are too old to work is a bad thing in social care?

"grandpa, i know you cant work anymore so just go lay in that ditch and die" :lol:
Click to expand...


Grandpa should have saved up a portion of his income for the decades that he worked so that he wouldn't have to depend on anyone else or "lay in that ditch and die."
 
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