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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (539753)	12/31/2009 10:47:40 AM
From: combjelly	Read Replies (1) \| Respond to of 1574869

"You pay income tax and probably don't get a return from most of that." Right. Because, you know, they eat the money... Income taxes pay for the military and the court system, at a minimum. Without corporate law, businesses couldn't function. Just to name two. If a functioning economy isn't a benefit in your book, well...

To: TimF who wrote (539753)	12/31/2009 6:00:51 PM
From: i-node	Respond to of 1574869

>>> They aren't debts at all. In an accounting sense, they are "liabilities" but they aren't booked due largely to an anomaly in governmental accounting that has the government doing cash-basis accounting for these programs. What is strange is that a similar program implemented by a public corporation in America would be required to accrue these amounts (that is, treat them like any other amount owed). But because it is the government, and governments use a different brand of accounting, they get off the hook. The reason these amounts SHOULD be booked (IMO) is the same as they reason for booking them in the corporate environment -- it is necessary if you are to conservatively express the financial condition of the corporation. This is money SOMEONE is going to have come up with UNLESS government violates its commitment under the terms of Medicare. The reason it SHOULD be booked is self-evident -- that this subject so frequently comes up, that a majority of Americans DO NOT UNDERSTAND that this is money that has to be paid, and that the government doesn't have the money to pay it, are all good reasons why it SHOULD be booked. The SEC would croak if General Electric filed financial statements that didn't take into account these kinds of liabilities.

To: TimF who wrote (539753)	1/1/2010 12:31:58 PM
From: RetiredNow	Read Replies (3) \| Respond to of 1574869

Sure I do. For my tax money, I get to live in a country that keeps me relatively secure and provides me the societal infrastructure that allows me to have a steady job at good pay. Plus, my kids have received a pretty darn good education and I get my garbage taken and leaves sucked up every week. In short, I get a lot of value for the taxes I pay. But when the gov't tells me that I MUST contribute to social security for my retirement and I MUST contribute to Medicare for my own health, then I demand that they commit to me a return on my investment. Otherwise, give me my freedom to enter into a contract with a private firm that is willing to do the same for a greater return on investment or more health benefits. In general, I don't really like mandates and it's not a stretch for me to say that most Americans don't either.