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 : The Trump Presidency -- Ignore unavailable to you. Want to Upgrade?

To: neolib who wrote (69551)	5/3/2018 12:13:32 AM
From: i-node	Respond to of 356260

I'm not. And when you look at the balance sheet for the Federal Government you will notice, or you MAY, that the debt is listed is considerably less than the $20 trillion in national debt. Why do you think that is? The reason is that the money owed to SS and certain other debts has been “eliminated” in the consolidation process. Eliminations are adjustments that are routinely made between related entities to “eliminate” debt items that are effectively owed to the parent entity. SS and other trust balances that are independent yet backed by the full faith and credit of the US are eliminated. This is money that is considered as “owed to itself.” After all, the taxpayers stand good for it, it would be a misstatement to show both an asset (money owed TO the US) and a liability (money owed BY the US) in the financial statements od the US. So, these amounts are eliminated. They're just debts of the US, even though there exists a separate trust. These details are found in an attachment to Note 11, Intragovernmental Debt Holdings, as a footnote disclosure. I-node, CPA.