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.
“While We Were Sleeping”
Orwell Rolls In His Grave, featuring MCM – Buy the DVD
About News From Underground
News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.
If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:
Help News From Underground!
Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."
Please donate via the PayPal button above or via PayPal by email to: firstname.lastname@example.org
- How Australia plans to keep its vaccinated children safe from illnesses that they can’t catch
- On the mass delusion now afflicting liberals (and putting all of us at risk)
- There’s actually more evidence in Pizzagate than there is in “Russia-gate.”
- NYU is built for WAR! (Who knew?)
- HuffPost ran this strong defense of Bobby Kennedy, Jr.—then took it down just minutes later.
- Contact Lou Dobbs on
- Forbidden Bookshelf on
- Top US spooks see NO “conclusive evidence” of Russian hacking in Election 2016 on
- How blaming Trump’s “election” on the Russians could force Hillary on us after all—and end US democracy for good… on
- Election theft in Michigan and Florida may have been more dramatic than we think… on
- The strange death of Nancy Schaefer (two items)
- There's actually more evidence in Pizzagate than there is in "Russia-gate."
- Forbidden Bookshelf
- Don't buy these products from Koch Industries!
- How NYU squeezes billions from its students—and where that money goes
- Barry Gordon
- Evil GOP Bastards
- t r u t h o u t
- Cody Lyon
- Media Matters
- Fairness & Accuracy in Reporting
- Suburban Guerrilla
- Thom Hartmann
- Richard Charnin
- Talking Points Memo
- Online Journal
- Words of Power
- The Ostroy Report
- Democratic Undergroud
- Mainstream Baptist
- History Unfolding
- The International Human Press
- Writers Voice
Need a bigger font size?
- Your link could be here too, contact us for pricing details.