Here.
Shows the difference between using cash and accrual accounting.
By the latter standards the US budget deficit for 2007 was $2,400,000,000,000.
Yes, $2.4 trillion. For one year.
Here.
Shows the difference between using cash and accrual accounting.
By the latter standards the US budget deficit for 2007 was $2,400,000,000,000.
Yes, $2.4 trillion. For one year.
I think a significant percentage of Americans over 40 and of some education realize that the actual debt and deficits are of that magnitude. They (we) just prefer not to dwell on it. But, those of us who are “early boomers” and nearing the point of “retiring” with (albeit reduced) SSI payments have to consider getting in while the payments are pretty much certain. Waiting 5-7 more years for “full” retirement is somewhat of a risk of “means testing” or across-the-board reduced payments or even another increase in the age to receive benefits.
How does the “real” debt of the USA , as a % of GDP, compare to EU countries?
And that’s not even the true total! Almost the entire Iraq war has been funded through “emergency supplemental” funding, where the Bush administration gains funding out of the normal congressional process, and which tab is not completely included in the spending calculation.
The sad part is that Democrats are now playing that game by tacking on appropriations to Bush’s “emergency supplemental” requests for things that would normally be swiftly passed by even the most partisan congress, simply to get the appropriations more quickly and without debate.
The ironic part is that there is hardly anything “emergency” about the Iraq war, then or now, and yet funding for it via “emergency supplemental” bills has not even been seriously challenged by any member of Congress.
Ironic or sad … it should be provoking disgust and outrage in a populace who has become numb to anything that’s not featured on “Dude, Flip This House!” -style television programming.