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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Elroy Jetson who wrote (25975)2/7/2005 8:57:27 PM
From: Larry S.  Read Replies (1) of 110194
 
Elroy Jetson,

You state that: "In fact a President that irresponsible may try to hide his crimes by claiming to balance the budget by excluding a long list of major government expenditures. Many Americans are likely dim-witted enough to believe you can balance a budget simply by counting only some of the costs."

Yes, I couldn't agree and that is why I have trouble voting every November. In fact, that is what the "Unified Budget" permits. The only representative in WDC that I recall being willing to call it what it is was Barry Goldwater.

I suggest you take the time to study the September 04 Monthly Treasury Statement. You will see in Table 3 what our President quotes as our fiscal 04 deficit - 412 billion. Then look at the On-Budget number and add to that the interest paid on debt in Trust Funds that are Off Budget. You will find them on about page 20 under "Undistributed receipts". Add these to your On-budget defict and you will get a real number. These are undistributed because they are paid with additional debt. It show up in the Gross Public Debt number quoted in Barron's every week but ignored.

If W really wanted help as you suggest, he would have first called for repeal of the Unified Budget law. It a Corporation were to use such an accounting system, the CFO would be put in Jail. Yes, unfortunately, many Americans are dim-witted enough to believe you can balance a budget by counting a subset of your expenditures and the trash that is coming out of WDC these days.

Larry
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