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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>UT</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, May 29 2007, 11:36 am EDT<span class="gen"> </span> Post subject: Rules 'hiding' trillions in debt (Liability $516,348 per U.S. household)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><span style="font-weight: bold">Rules 'hiding' trillions in debt</span> <br />Liability $516,348 per U.S. household <br /> <br />By Dennis Cauchon <br />USA TODAY <br /> <br />The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows. <br /> <br />The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006. <br /> <br />"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting. <br /> <br />Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later. <br /> <br />The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition. <br /> <br />Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined. <br />... <br /><a href="http://www.usatoday.com/printedition/news/20070529/1a_lede29.art.htm" target="_blank">http://www.usatoday.com/printedition/news/20070529/1a_lede29.art.htm</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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