Real U.S. Deficit in 2011: $5 Trillion

Real U.S. Deficit in 2011: $5 Trillion

May 24th, 2012

Via: USA Today:

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.

<!– AD CAN GO HERE

Buy gold online - quickly, safely and at low prices

END: AD CAN GO HERE –>

Leave a Reply

You must be logged in to post a comment.

Views: 0

You can skip to the end and leave a response. Pinging is currently not allowed.

Leave a Reply

Powered by WordPress | Designed by: Premium WordPress Themes | Thanks to Themes Gallery, Bromoney and Wordpress Themes