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[VegasRage]

US auditors WARNING on fiscal outlook

The Government Accountability Office is responsible for auditing and keeping a pulse on our fiscal health. What is shown below comes from “just the preface” of “Fiscal Stewardship: A Critical Challenge Facing Our Nation GAO-07-362SP, January 31, 2007”
http://www.gao.gov/fiscalstewardship.html

IF YOU READ ONE THING TODAY MAKE THIS IT. KNOW THE TRUTH.

Note the title of the document it doesn’t reflect Bush’s precious outright lie of “progress” line of BS. We'd better start holding all of leaders to fire or we will be in another depression very soon, at the bottom is an article showing why another crash is unavoidable. Bush completely ignored it when he had a chance to do something about it, recall the 2000 elections? National debt was the hot topic. Then 9/11 and Iraq made it all go away. Wake up America your about to be bent over in the worst way.

Fiscal Stewardship GAO-07-362SP
The federal government’s financial condition and fiscal outlook are worse than many may understand. Despite an increase in revenues in fiscal year 2006 of about $255 billion, the federal government reported that its costs exceeded its revenues by $450 billion (i.e., net operating cost) and that its cash outlays exceeded its cash receipts by $248 billion (i.e., unified budget deficit). Further, as of September 30, 2006, the U.S. government reported that it owed (i.e., liabilities) more than it owned (i.e., assets) by almost $9 trillion. In addition, the present value1 of the federal government’s major reported long-term “fiscal exposures”—liabilities (e.g., debt), contingencies (e.g., insurance), and social insurance and other commitments and promises (e.g., Social Security, Medicare)—rose from $20 trillion to about $50 trillion in the last 6 years.

The federal government faces large and growing structural deficits in the future due primarily to known demographic trends and rising health care costs. These structural deficits—which are virtually certain given the design of our current programs and policies— will mean escalating and ultimately unsustainable federal deficits and debt levels. Based on various measures—and using reasonable assumptions—the federal government’s current fiscal policy is unsustainable. Continuing on this imprudent and unsustainable path will gradually erode, if not suddenly damage, our economy, our standard of living, and ultimately our domestic tranquility and national security.

America's Total Debt Report - Update 2007
$48 Trillion - and Soaring
http://www.financialsense.com/editorials/hodges/2007/0315.html