Saturday, January 7, 2012

Stossel: Our Economic Situation In Simple English


OBloodyHell said...

As I have repeatedly noted, elsewhere and probably here, a balanced budget is useless unless you also prevent the governments of these United States (Federal, STATE, AND LOCAL) from ignoring basic accounting rules, i.e., "GAAP".

New York State has had a BB requirement for more than two decades.

Back about 1991, they had a budget shortfall, so they "sold" Attica prison to themselves and rented it back.

Yeah, that's what they did. In real terms, they took out money on the credit card and used it to pay off this year's bills, and claimed their yearly budget was balanced.

Stupid Budget Tricks

This is part of the trickery that allowed Bill Clinton to claim he'd "balanced" the budget -- he took the money from Social Security and added it to the tax revenues, and claimed that the "positive" numbers that resulted were "balancing" the budget. A crock of bovine excreta, but idiots fell for it, especially libtard journohos.

GW said...

I couldn't agree with you more on that OBH. Government accounting is bs on a grand scale. Indeed, many of the techniques would make Enron blush. That is one of the things that must must must change.