The REAL federal deficit literally dwarfs the official tally

**Michael** · 06-25-12, 05:08 AM

Real federal deficit dwarfs official tally

The government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress. A U.S. household's median income is $49,445, the Census reports.

The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.

The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government's books.

See, this is what happened. The public sector unions weren't happy they had excellent job security, great benefits, the Cadillac of medical coverage, pay raises on time not performance and vacation time to dream for. They wanted MORE. They also wanted earlier retirement and Porsche pension.

Knowing full well that they couldn't afford all this, the politicians just promised them a Lamborghini pension if they could just keep present wages down to only 25% higher than the Private sector that pays their wage. Reluctantly they agreed. Well well. Ooops, did we forget to mention there'd be NO money when retirement time came around. Boo Hoo.

Because for many babyboomers, that time is now. We're broke.

So? What to do? Well, I have an idea! How about we stick it to the next generation good and deep. We sell bonds to China, Japan and anyone who'll buy them! Oh, but still we don't have enough

I know! Let's tax the rich! Steve Jobs, you SOB! You use the roads!!! You have to pay us!!! Oh, but still broke.

So? What are we to do?
BillyT seems to think we're going to print, print and print some more. You know, destroy the pensions of the PRIVATE sector employees who actually did an honest day's worth of work.

Will we? I'm inclined to think we will too. But, it's hard to say. Counties could just file bankruptcy and take it to court.

We'll see. One thing is for sure: we're f*cked. Or, at least some of us are...

**Buddha12** · 06-25-12, 08:33 AM

We'll see. One thing is for sure: we're f*cked. Or, at least some of us are...

Yes, I've said that for over 20 years now ever since they kept allowing more and more debt to increase and not getting anything in new taxes to pay for it. This government enjoys spending others money any way they can and have established new agencies adding to an already bloated employee staff that has been gaining personnel in the state and counties just as much by giving the states money to fund those new agencies from the Federal government again without any new taxes to pay for them.

**James R** · 06-25-12, 08:45 AM

Maybe you guys ought to shut down your overseas wars and cut back on military spending. Good idea?

**Buddha12** · 06-25-12, 08:51 AM

Originally Posted by James R

Maybe you guys ought to shut down your overseas wars and cut back on military spending. Good idea?

Over 4 trillion was spent on bailouts of banks, another 2 trillion was used to help the mortgage industry, another 4 trillion was to go to war with two countries that we didn't need to go to war with.

**data2.0** · 06-25-12, 09:11 AM

Perhaps numerous steps should be put in place to reduce the deficit but retain enough spending in important aspects like government employees such as teachers,police, firefighters, nurses. Also money in infrastructure which would create jobs to repair our old systems. A new plan to replace medicare, medicaid, and social security but one that is more cost efficient. The main problem there of course is the pharmaceutical companies which are just, just terrible. Cutting our defense budget in half or more seeing as we're outspending the rest of the world in it significantly. Raise the taxes on anyone who makes more than 250k a year and lower them on those who make less than 30k. OH YES the Envisionists have great plans for the world, if only we had support... or people. I would also open our borders and make it easy to become a citizen. Maybe all those Mexicans having the ability to make minimum wage, pay for them or their children to go through college, getting better jobs, creating advancements, buying houses, and paying taxes, will I don't know greatly improve the economy.

**quadraphonics** · 06-25-12, 06:57 PM

Originally Posted by James R

Maybe you guys ought to shut down your overseas wars and cut back on military spending. Good idea?

Maybe you ought to check whether we're already doing something before you present it as some kind of new idea?

I mean, I know you like to go around implying that your audience are idiots, but when you don't bother to keep track of even the most elementary, big-picture aspects of the subject you're talking about, you're the one who comes off looking like an idiot.

Of course you also come off as an insufferably condescending douchebag either way, but apparently that part is intentional.

**James R** · 06-25-12, 09:16 PM

Oh, poor little quadraphonics. Are we feeling a bit narky today, are we, bubby?

**spidergoat** · 06-25-12, 10:46 PM

A pension isn't something that is granted by the largess of the government, it is paid for by the employee's labor. You can take your anti-union propaganda and stick it where the...

keith1 · 06-25-12, 11:05 PM

The REAL federal deficit is the corporate profit levels. I can eat dirt for two days because these swine can't live a half a day without their profits. We who last will still be standing. Bring it. Your money is no good here.

**joepistole** · 06-25-12, 11:13 PM

Originally Posted by Buddha12

Over 4 trillion was spent on bailouts of banks, another 2 trillion was used to help the mortgage industry, another 4 trillion was to go to war with two countries that we didn't need to go to war with.

I think your numbers are more than just a bit overstated, like by several orders of magnitude. How about getting the real numbers and using them rather than this made up stuff?

keith1 · 06-25-12, 11:19 PM

Originally Posted by joepistole

I think your numbers are more than just a bit overstated, like by several orders of magnitude. How about getting the real numbers and using them rather than this made up stuff?

Wait for it...

**quadraphonics** · 06-26-12, 03:17 PM

To the thread topic:

What does it mean to "literally dwarf" something? Like, the "REAL federal deficit" literally transforms the "official tally" into a member of a mythical race of short, squat human-like creatures who are skilled in mining and combat? Or what?