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To: Tom Byron who wrote (9991)	4/15/1998 9:14:00 PM
From: Alex	Respond to of 116898

How The Government Balances Its Books JEFF YASTINE: In tonight's commentary, Irving R. Levine, Dean of International Studies at Lynn University, takes a look at how the government balances its books. IRVING R. LEVINE, COMMENTARY: It may provide some solace on the eve of April 15, to know that the taxes you are paying will help the U.S. Treasury achieve a balanced budget or even a surplus. But the fact is that in addition to tax receipts and spending cuts, it takes some fancy bookkeeping for the government to produce a budget that is out of the red. For you and me a balanced budget means that we spend no more than we take in from wages and other sources. But the government doesn't keep its books the way individuals do. What the government would consider a balanced budget at the present time would in reality be a deficit of $111 billion. That's because the way the government keeps its books it counts money in the Social Security Trust Fund as if it were income even though it is money that can only be spent to pay Social Security benefits. The government also counts money in 167 other trust funds as if it were income even though the funds are dedicated to purposes ranging from military pensions to black lung disease compensation. Still, of course, your tax payment and mine will help. Nevertheless, I find myself sharing the sentiments expressed by one- time entertainer Arthur Godfrey who said, "I'm proud to be paying taxes in the United States. The only thing is I could be just as proud for half the money". I'm Irving R. Levine. Nightly Business Report transcripts are available on-line post-broadcast. The program is transcribed by FDCH. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. (c)1998 Community Television Foundation of South Florida, Inc.