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US 2012 deficit $6.9 trillion - why aren't Americans shouting: "I'm as mad as hell and I'm not going to take this anymore!"

Anonymous Coward
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02/23/2013 05:18 PM
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US 2012 deficit $6.9 trillion - why aren't Americans shouting: "I'm as mad as hell and I'm not going to take this anymore!"
Eric Sprott and others are among the few voices reporting how bad things really are. $6.9 trillion deficit in a (reported) $16 trillion GDP (which may be MUCH lower than than in reality). Why aren't Americans shouting from the windows: "I'm as mad as hell and I'm not going to take this anymore!"


Actual 2012 Federal Budget Deficit Hit $6.9 Trillion
U.S. Treasury Publishes 2012 Financial Statement of the United States Government

Based on generally-accepted-accounting principles—or GAAP-based accounting—the 2012 consolidated financial statements of the United States Government showed a $6.9 trillion deficit for fiscal 2012, up from $4.6 trillion in 2011. The latest detail showed the uncontainable and uncontrollable actual federal budget deficit to be deteriorating rapidly. The GAAP-based statements were published by the U.S. Treasury January 17th.

Those deficit numbers reflect consistent GAAP accounting on current fiscal operations, plus year-to-year deterioration in the net present value (NPV) of unfunded liabilities for programs such as Social Security and Medicare. Reflecting the time value of money, the NPV represents the amount of cash in-hand needed to cover future obligations.

Based on tentative calculations from numbers in the report, total U.S. government obligations—including the NPV of the unfunded-liabilities of social programs—is around $88 trillion, or nearly six-times annual U.S. GDP.

Significant accounting problems with the statements continue, including “material” issues raised by the auditor, the Government Accountability Office (GAO). As a result, the GAO does not offer an opinion on the statements. With proper accounting, the actual 2012 deficit likely topped $7 trillion, with the 2011 deficit topping $5 trillion.

(source: [link to phantasytour.com]


“The 2012 figures showed that the present value of known liability went up 4.7 trillion dollar plus a cash deficit of 1.5 trillion dollar results in some 6.9 trillion dollar deficit given a GDP of 16 trillion dollar. There are too much commitments from the US which cannot continue, entitlements will have to be cut in the US.”


On Jan 17th, the Dept of Treasury released their GAAP budget deficit , and it was $6.9 TRILLION. That’s the change in present value of true obligations in ONE YEAR plus the cash deficit- total deficit $6.9 TRILLION! This is in a $16 trillion economy where politicians fight over $100 billion in spending cuts when the deficit is $6.9 T! What I find most interesting about that number? You will not see it reported ANYWHERE in the public press!

(source: [link to fredw-catharsisours.blogspot.ca] and elsewhere, including silverdoctors.com, maxkeiser.com, etc.)


For those that "get this": keep stacking!
Anonymous Coward
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02/23/2013 05:23 PM
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Re: US 2012 deficit $6.9 trillion - why aren't Americans shouting: "I'm as mad as hell and I'm not going to take this anymore!"
At this point, I think US should keep printing and spending as much as it can forever.

At the same time, raise minimum wage $1.00 per year to keep up with newly inflated dollars.

We would also pay China back with inflated Dollars which would teach them a good lesson in economics.

It's a fucking race to the bottom for the US dollar and I want my team to win.....



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