...Rasmussen: Deficit closer to $4 Trillon for 2012.
Pollster and political analyst Scott Rasmussen says the U.S. is in the middle of a worsening fiscal crisis and the federal office charged with estimating the country's debt has missed the mark by trillions.
Rasmussen, of Rasmussen Reports, released this statemen today following yesterday's Congressional Budget Office report on the nation's debt:
The Congressional Budget Office (CBO) yesterday reported that the federal budget deficit is projected to reach $1.1 trillion in 2012. That number is troubling enough but the reality is much worse. The United States will actually go about $4 trillion further in debt during the year.
The difference comes from the fact that government accounting procedures simply ignores the cost of benefits being promised for future Social Security and Medicare recipients. While precise estimates vary as to how much these promises cost, they are in the range of $3 trillion annually. It is important to note that the CBO is not to blame for this accounting gimmick. That agency typically does a sound job of operating within the ground rules established by Congress. Unfortunately, the rules often make little sense.
As former CBO Director Douglas Holtz-Eakin explained to Scott Rasmussen, “The debt from the past is a problem, but the future potential debt is a crisis.”
The government does not recognize the debt piling up for future Social Security and Medicare benefits because they have officially determined that no such liability exists.
As explained in the Federal Budget, “The Federal Government uses the term ‘trust fund’ very differently from the private sector. The beneficiary of a private trust owns the trust’s income and may own the trust’s assets.”
However, “the Federal Government owns and manages the assets and earnings of most federal trust funds.” As if that wasn’t enough, the
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Resumen: Pollster and political analyst Scott Rasmussen says the U.S. is in the middle of a worsening fiscal crisis and the federal office charged with estimating the country's debt has missed the mark by trillions.
Guia de Conversacion: El Lider USA le da la bienvenida a tus pensamientos, historias e información relacionada a este articulo. Por favor mantegase dentro del tema y sea respetuosos con los demas miembros.(Se el primero en dejar un comentario)
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