The REAL Federal Deficit
This bit from USA Today shows exactly how broken Washington DC is when it comes to grasping the fiscal cliff we are facing. While the Obama administration reports that we ran an “official” deficit of $1 trillion dollars last year, accounting gimmicks (shock there) lead us to believe this. However, when adding in entitlement programs, the REAL federal deficit was actually $5 trillion!
As USA Today points out, Congress is “able to exempt itself from including the promise of entitlement benefits”. However, state and local governments must account for these liabilities under federal law.
It is high time we drain the swamp and put Conservative Constitutionalists in office who are unafraid to tackle our deficit, spending and transparency problems before it is too late.
USA Today article here.