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Real federal deficit dwarfs official tally

Posted By yihan On May 24, 2012 @ 8:04 am In Money Watch | Comments Disabled

Dennis Cauchon
Thursday, May 24, 2012

The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.

Under those accounting practices, the government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress.
A U.S. household’s median income is $49,445, the Census reports.

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.

Full story here. [1]

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URL to article: http://www.prisonplanet.com/real-federal-deficit-dwarfs-official-tally.html

URLs in this post:

[1] USA TODAY: http://www.usatoday.com/news/washington/story/2012-05-18/federal-deficit-accounting/55179748/1

[2] U.S. Federal Deficit to Worsen due to Dismal Economic Projections: http://www.prisonplanet.com/us-federal-deficit-to-worsen-due-to-dismal-economic-projections.html

[3] It’s Official: 2012 Deficit Was $1.087T; $1T+ All 4 Yrs of Obama’s 1st Term: http://www.prisonplanet.com/its-official-2012-deficit-was-1-087t-1t-all-4-yrs-of-obamas-1st-term.html

[4] Real Federal Spending Up $822.90 Per American Since 2008: http://www.prisonplanet.com/real-federal-spending-up-822-90-per-american-since-2008.html

[5] The Real Split Within The GOP: The Deficit Hawks Vs. “The Deficit Hawks”: http://www.prisonplanet.com/the-real-split-within-the-gop-the-deficit-hawks-vs-the-deficit-hawks.html

[6] Federal Deficit Highest Since 1940s: http://www.prisonplanet.com/federal-deficit-highest-since-1940s.html

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