Posts filed under “Economy”

Actual US Deficit: $615 Billion

Welcome to the start of the New Year.

Lets start off on the right foot, with something incendiary and infuriating: The terrific John Crudele of the NY Post cuts thru the government obsfucations on the deficit:  Beltway Bandits’ Storm: $615b Deficit Snow Job

December 28, 2004 — WHAT would you think if I told you that 2004′s federal budget deficit was really $615 billion, which is about 30 percent bigger than you’ve read in the newspapers? Now, what would you think if the Secretary of the U.S. Treasury told you this?

After you look at the government numbers I will present at the end of this column you’ll see that President Bush is absolutely correct in saying that the Social Security system’s finances need to be reformed immediately — although I disagree that privatization is the solution.

Two weeks ago, the U.S. Treasury posted on its Web site a financial statement for the country that was compiled in the same way companies are required to keep their books. 

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