I think it is a campaign from the GOP to end Social Security and Medicare.
The GOP wants the Federal government to include in it's current expense budget money that will be paid by Social Security and Medicare in the future -- "unfunded promises" -- and that's ridiculous. I am 43 and my taxes are paying for the Social Security and Medicare of people who are retired now. When I retire, the taxes of people still working will pay for my Social Security and Medicare. If the federal government includes the cost of my Social Security and Medicare as an expense in this year's federal budget that is dumb and dishonest. The money has been promised to me, but it will remain "unfunded" until I retire and the taxes of those still working fund it.
Notice that the USA Today report on this includes a quote from Chris Chocola - a Republican Congressman who lost the last race and now seems to have a job with a right-wing think tank to scare Americans into ending all social programs.
Why do Chocola and a blogger (whose post I also pasted below) both point to social programs as "the problem"? Why not military expenditures and the debt we pay on those expenditures? Because they don't want an honest accounting system, they want to end social programs.
I do think we have a problem - Bush has been stealing from Social Security to pay for weapons and equipment and troops to commit war crimes. This new $59 trillion debt campaign is GOP propaganda.
Can't resist: At moments like this I sure wish Al Gore had had a chance to put Social Security in a lockbox! If we had not allowed the election to be stolen from him... Sigh.
Rules 'hiding' trillions in debt
Liability $516,348 per U.S. household
By Dennis Cauchon
USA TODAY
The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows.
The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.
"We're on an unsustainable path and doing a great disservice to future generations," says
Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.
Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.
The federal government does not follow the rule, so
promises for Social Security and Medicare don't show up when the government reports its financial condition.Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.
Unfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest.http://tinyurl.com/3xorzaUSA Today: Feds Hiding $59 Trillion in Debt via "Accounting Rules"
This is huge news. And coming on the day when Obama is coming out with his "Free Health Care for Everyone" rhetoric, the timing could not be more interesting.
Because 85% of the $59 Trillion price tag comes from socialist programs put into place by Obama's own party--going all the way back to FDR and the Great Society.http://discerningtexan.blogspot.com/2007/05/usa-today-feds-hiding-59-trillion-in.html