U.S. FINANCIAL PICTURE - BLEAK
¥oÃ-Lance Van Ness-¥LxS
CongressDaily reported today, "A little-noticed Treasury Department report
sent to congressional leaders in December paints a bleaker picture of the
nation's finances than is widely accepted and is beginning to attract
attention as lawmakers prepare for election-year budget battles." The report
puts the fiscal year 2005 deficit at $760 billion by "using generally
accepted accounting principles that private businesses must use to present
their finances."
The larger figure contrasts strongly with the $319 billion figure typically
cited. According to the report, standard deficit calculations give "a
potentially unrealistic and misleading picture of the federal government's
overall performance, financial condition, and future fiscal outlook." Rep.
Jim Cooper (D-TN) complained that Congress was not sufficiently notified
about the report. "We got more notification on the NSA domestic surveillance
thing," Cooper said.
As the economy hits rock bottom, Bush is AWOL with his wife Condi on a
tax-paid passage to India.
Captain Compassion
So are you storing up food and arming yourself? Perhaps you have a
little shack up in the mountains?
--
"The president and I cannot prevent certain politicians from losing
their memory, or their backbone, but we're not going to sit by and
let them rewrite history." -- Dick Cheney 11/16/2005
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"America is a vast conspiracy to make you happy." -- John Updike
"Long term commitment in relationships is only necessary because it takes
so damn long to raise children. Marriage may well be some kind of trick
to keep the males around beyond sexual satiation." -- Captain Compassion
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
dar...@NOSPAMverizon.net
Jerry Okamura
receive you will run up a deficit. The trick is what are they going to do
about it and how important is it. Would any of us say we should not throw
money to help the victims of the last hurricane? All that spending is not
helping at getting a handle on the deficit. Is anyone going to really try
to address where the problem of spending lies, and that is the three big
entitlement programs?
"ĄoĂ-Lance Van Ness-ĄLxS" <s...@art.net> wrote in message
news:du785b$10rc$1...@news3.infoave.net...
aus...@primus.com.au
> This should not come as any surprise to anyone. If you spend more than you
> receive you will run up a deficit. The trick is what are they going to do
> about it and how important is it. Would any of us say we should not throw
> money to help the victims of the last hurricane? All that spending is not
> helping at getting a handle on the deficit. Is anyone going to really try
> to address where the problem of spending lies, and that is the three big
> entitlement programs?
It depends on what value you place on a quality of life. If you think
New Orleans is better off the way it is and people don't need adequate
health care or a basic standard of living when they retire, then by all
means let them eat cake and get rid of social security, disaster
relief, etc. When Clinton left office there were budget surplusses
that have turned into huge deficits. What is the difference? Spending
on an unecessary war in Iraq and tax cuts to rich people who didn't
need them.
>
> "¥oÃ-Lance Van Ness-¥LxS" <s...@art.net> wrote in message