We're $59 trillion in the hole!

So much for BushCo as “conservative”….
MCM
Taxpayers on the hook for $59 trillion

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.

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