Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (28166)	9/7/2006 7:05:45 PM
From: JohnM	Read Replies (1) \| Respond to of 541299

And a hello back to you, Sam. Interesting stuff. But those commitments and their off-books character are hardly news. I seem to recall that form of accounting started with LBJ, though I could be wrong. As for the numbers themselves, who the hell knows whether they are accurate. Someone would need to factor in the tax revenue that meets those obligations as well.

To: Sam who wrote (28166)	9/7/2006 8:53:06 PM
From: TimF	Respond to of 541299

The accounting set up in use is indeed somewhat problematic, but it isn't a Bush thing or a Republican thing, but rather the bipartisan standard for decades. So the "Bush is hiding the true national debt." headline is somewhat distorting or even inaccurate. If you are going to change to accrual accounting, than all comparisons with other countries or with past US governments would have to consider accrual accounting as well. By that accounting method for example Clinton's administration (while still doing better than Bush's) shows up as much worse than its official figures suggest, and many European countries have a dramatically higher deficit/debt than the US does compared to their economy.