tag:blogger.com,1999:blog-22304160.post4850828083341796883..comments2023-10-22T03:49:25.379-04:00Comments on SWAC Girl: The Need for Fiscal Responsibility in WashingtonLynn R. Mitchellhttp://www.blogger.com/profile/16813272456690971177noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-22304160.post-37275913786201032452009-02-28T19:44:00.000-05:002009-02-28T19:44:00.000-05:00http://www.cbpp.org/9-8-08sfp.htmState Budget Trou...http://www.cbpp.org/9-8-08sfp.htm<BR/><BR/>State Budget Troubles<BR/><BR/>Only 12 states in worse shape than VA, 2 in the same shape.Davoshttps://www.blogger.com/profile/01529431229251423593noreply@blogger.comtag:blogger.com,1999:blog-22304160.post-37956548205254067562009-02-28T11:41:00.000-05:002009-02-28T11:41:00.000-05:00Our debt isn't $10,800,000,000,000.00 (10.8 Tr...Our debt isn't $10,800,000,000,000.00 (10.8 Trillion). We have to add in over $53,000,000,000,000.00 of liabilities (Social Security and Medicare parts A & D and some misc. debt.<BR/><BR/>Basically we are on the hook for over $65,000,000,000,000.00.<BR/><BR/>http://www.youtube.com/watch?v=O_TjBNjc9Bo<BR/><BR/>Worse, we earn, if you want to look at GDP that way, a lot less than the official number. GDP, the way it is figured, uses some misleading math. <BR/><BR/>First, if you own a home the BEA calculates what you would pay in rent if you rented, and then adds that amount to GDP. <BR/><BR/>To me, this is Enron accounting. If money doesn't go into GDP then it should not be counted as GDP. <BR/><BR/>Period.<BR/><BR/>While I agree with Congressman Bob Goodlatte about waste I have to question some things. <BR/><BR/>One concern I have is solvency. 6-8 trillion coming in and 65+ trillion in liabilities to me don't indicate healthy books. <BR/><BR/>That has about the same debt to equity ratio that Enron had.<BR/><BR/>Right now, the US can print money and tax future generations (our kids and their kids) but even that gig can end if foreign investors say enough. <BR/><BR/>I think the real question our Congressman needs to be asking is this: How will an entity that is or might be insolvent is going to bail out banks "teetering" on insolvency going to work.<BR/><BR/>To me, sticking your finger in a dike that has water gushing over the top won't stop a flood.Anonymousnoreply@blogger.com