If You Want The Truth, Speak To A Democrat

If You Want The Truth, Speak To A Democrat: " I have an huge hard-on for the Comptroller General, David Walker, a Clinton appointee (the CG is a seven-year appointment. It will be a sad day for America when he has to step down).

Let's just say that he does not have good news for us:

Despite improvement in both the fiscal year 2006 reported net operating cost and the cash-based budget deficit, the U.S. government's total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nation's total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000.

As this long-term fiscal imbalance continues to grow, the retirement of the "baby boom" generation is closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008.

Given these and other factors, it seems clear that the nation's current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nation's large and growing long-term fiscal imbalance.

Um, as an accountant, let me translate this for you: The US is broke. Flat out, bankrupt. Further mucking this picture up is that the government's accounting system is so screwy that the GAO refuses to certify the report that it is required to make to Congress on an annual basis!"

(Via Martini Republic.)