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Thread: Federal deficit higher in July, $1.27T this year

  1. #51
    Banned Goobieman's Avatar
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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by stekim View Post
    Same the other way!
    I dont understand... what is 'the other way'?

  2. #52
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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Truth Detector View Post
    This is an equally frightening practice that continues below the radar screen of public scrutiny.
    Those are exactly the kind of practices to which I refer when I note the off-budget data. The obligations to the public will need to be repaid or refinanced. The interagency debt will also need to be paid and that will require fresh borrowing or a fresh revenue stream. The special class of securities held by the Social Security Administration are one example of interagency debt that comprises gross public debt.

    In the end, it is gross public debt that matters. Accounting practices that create a more favorable perception e.g., persistence of annual deficits running below the increase in the gross public debt, cannot change this. Hence, the $1.017 trillion increase in the gross public debt in 2008 is more meaningful than the reported $455 billion deficit.

    As a corollary, pointing out real limitations on budget transparency has nothing to do with political ideology. Transparency should be the rule, whether a Democratic or Republican Administration is in the White House.

  3. #53
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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by donsutherland1 View Post
    Those are exactly the kind of practices to which I refer when I note the off-budget data. The obligations to the public will need to be repaid or refinanced. The interagency debt will also need to be paid and that will require fresh borrowing or a fresh revenue stream. The special class of securities held by the Social Security Administration are one example of interagency debt that comprises gross public debt.

    In the end, it is gross public debt that matters. Accounting practices that create a more favorable perception e.g., persistence of annual deficits running below the increase in the gross public debt, cannot change this. Hence, the $1.017 trillion increase in the gross public debt in 2008 is more meaningful than the reported $455 billion deficit.

    As a corollary, pointing out real limitations on budget transparency has nothing to do with political ideology. Transparency should be the rule, whether a Democratic or Republican Administration is in the White House.
    Agreed; so when are the American people going to wake up and say ENOUGH!! 2010?

    P.S. Any spending since 2006 when Democrats took over belongs to Democrats NOT Bush; although Bush can take credit for signing the bills. My issue is with the Democrat Congress who LIED to the American people to get elected.
    Last edited by Truth Detector; 08-13-09 at 03:23 PM.

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