Man, the MSM is going HP it looks like. We've been screaming about this issue forever, and I do believe this is the very first MSM article that I've seen.
Meanwhile, do Americans even care? I think when you say "$59 Trillion" people's eyes gloss over. What's on America's Top Model?
It's sickening that our government so blatantly deceives us, and the MSM goes along for the ride. Bravo to Dennis Cauchon at the USAToday for doing his job. Too bad it's too late, and too bad his MSM peers are so pathetically incompetent.
Folks, we're either going to have to go insolvent, cancel entitlement programs, or print dollars like Wiemar Germany to get out of this mess.
Taxpayers on the hook for $59 trillion
By Dennis Cauchon, USA TODAY
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.
Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.
The cost per U.S. household of unfunded promises made by federal, state and local government:
State and local debt
Federal civil- servant benefits
State and local retiree benefits
Other federal obligations