It's worst than the Obama administration is revealing to us...
The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.
The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government's books.
•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.
The government has been lying to us for years. The Obama administration promised transparency... a transparency that evidently neither side wants us to see. Obama has failed in his promises. Our government has failed in reporting the truth to us.
Your source sucks!! They are all conservatives trying to take down Obama, so of course we should ignore that stupid source. On a side note, I'm trying to invent a liberal calculator that only does progressive math....I'm looking for some input from the local experts on how those calculations work.
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
:Snooze 
