Important article by David Broder in today's Washington Post concerning exploding government debt. It details
one of the most secretive documents in Washington — the official Financial Report of the United States Government.
The reason why? Probably because of the statement contained in Treasury Secretary John Snow's cover letter:
Whereas the budget deficit for fiscal 2005 was officially given as $319 billion, "the government's accrual-based net operating cost . . . was $760 billion in 2005."
Makes you want to weep. Especially compared to fiscally responsible countries such as Denmark. Contimuing:
David Walker, the head of the Government Accountability Office, official bookkeeper for Congress, said at a briefing last week that the $760 billion accrual deficit "amounts to $156,000 of debt for every man, woman and child in America. For a family, it's like having a $750,000 mortgage — and no house."
Walker, who has been traveling the country trying to spread the alarm, said flatly that if the tax cuts now in effect are made permanent, as President Bush is requesting, and spending continues to rise at the current rate, "the system blows up. More than half our debt is now financed by foreign countries, and they will exact a price."