Whoops! Turns out the Budget Deficit is Actually $5 Trillion!

May 24, 2012 4:48 PM ~  
The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.

Under those accounting practices, 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.

Link: USA Today

Whoopsie! Well it looks like the government stooges were off by just a little bit. I mean, what's a couple-three TRILLION dollars when you have your own printing press, right?

I sure wish I could do this. Next tax season, I'll just classify my main job as "exempt" and not count it against my income. I wonder how that will work out?

This is just more evidence that anarchy is on the way, and it'll get here sooner than people think. I sure hope people keep calm and level heads during the looming fiscal collapse of the US Government. It could turn out to be a great thing.