Real federal deficit dwarfs official tally – USATODAY.com: "•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. "By law, the federal government can't tell the truth," says accountant Sheila Weinberg of the Chicago-based Institute for Truth in Accounting."
By law the federal government can't tell the truth? And who makes the laws?
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Briefly Noted for 2020-09-25
2 days ago