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The cost of the last 7 years: 32 Trillion; says the nations top acountant
Topic Started: Dec 31 2007, 03:51 AM (340 Views)
jon-nyc
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Cheers
According to the Comptroller General of the United States:


Quote:
 
In a speech today at the National Press Club, he said, "If the federal government was a private corporation and the same report came out this morning, our stock would be dropping and there would be talk about whether the company's management and directors needed a major shake-up."  Walker urged greater transparency and accountability over the federal government's operations, financial condition, and fiscal outlook...

"The federal government's fiscal exposures totaled approximately $53 trillion as of September 30, 2007, up more than $2 trillion from September 30, 2006, and an increase of more than $32 trillion from about $20 trillion as of September 30, 2000," Walker said. "This translates into a current burden of about $175,000 per American or approximately $455,000 per American household."



Hat tip, Bong on WTF.


Original source:

http://www.fms.treas.gov/fr/07frusg/07frusg.pdf
In my defense, I was left unsupervised.
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Axtremus
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HOLY CARP!!!
Let's see how the US stock market and ForEx market react today.
If this thing makes it to CNBC at all, we just might see a New Year's Eve rally for both right after this one hits CNBC! :lol:
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Larry
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Mmmmmmm, pie!
And, during that same 7 year period, the automotive industry retail sales statistics come in at 56 trillion......
Of the Pokatwat Tribe

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JBryan
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I am the grey one
In reading through this report I find that the bulk of this 53 trillion is due to Social Insurance programs (Social Security, Medicare, Medicaid, pensions, etc.).IOW, non-discretionary items. While we can certainly fault our national leaders past and present for not getting a handle on this problem long ago it is difficult to imagine, barring some draconian steps taken, that this would have been solved in the past 7 years. I also find that the method of accounting for Social Insurance programs, the SOSI, has undergone a major upgrade in fiscal 2007 which would make comparison with past years rather erroneous.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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jon-nyc
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JB - did you forget the Medicare prescription drug program? (it would be easy to have missed it, since Bush pushed it through in the dark of night) Far from simply not taking draconian measures to solve the problem, Bush made it much, much worse.
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jon-nyc
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Larry
Dec 31 2007, 10:03 AM
And, during that same 7 year period, the automotive industry retail sales statistics come in at 56 trillion......

You're high.

That number is the order of magnitude of 5 years GDP. You'd need to add a few zeros to the retail car numbers to get anywhere near the ballpark.
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JBryan
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jon-nyc
Dec 31 2007, 09:24 PM
JB - did you forget the Medicare prescription drug program? (it would be easy to have missed it, since Bush pushed it through in the dark of night) Far from simply not taking draconian measures to solve the problem, Bush made it much, much worse.

No, and I count that against him but it does not account for nearly a fraction of the exposure that is indicated in this report.

Yet.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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jon-nyc
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Its a decent portion of the 32T differential, actually (keep in mind these numbers are total unfunded liabilities over 75 years)
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JBryan
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As I said, I would fault him for the prescription drug entitlement. I was not happy when it passed but the lion's share of exposure comes from the straight Mediacare and Medicaid although, as I said, yet. I don't think they have any more fathomed the total exposure from the prescription drug entitlement than they did when they originally enacted Medicare.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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