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Author Topic: Fuzzy Bush math  (Read 606 times)

rnicklaus

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Fuzzy Bush math
« on: September 04, 2007, 12:32:37 pm »

http://money.cnn.com/2007/08/31/magazines/fortune/deficit_sl oan.fortune/index.htm?postversion=2007090408

Worth reading - excerpts below.

<<You're about to hear that the budget deficit is falling. Don't believe it, warns Fortune's Allan Sloan. The deficit is much, much bigger than you think.>>

<<We'll start with Social Security, which will take in about $78 billion more in payroll and income taxes than it shells out. The Treasury takes that cash, gives the trust fund IOUs for it, and spends it. That $78 billion isn't in the stated deficit.

Wait, there's more. The Treasury will fork over $108 billion of interest on the trust fund's $2.2 trillion of Treasuries -- but will give the trust fund IOUs, not cash. They won't count in the deficit either. Add that $186 billion to the stated budget deficit, and it more than doubles, to $344 billion.>>

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PRobb

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Re: Fuzzy Bush math
« Reply #1 on: September 04, 2007, 05:25:09 pm »

Doonesbury strikes again.

index.php/fa/6100/0/
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The only thing necessary for the triumph of evil is that good men do nothing.
-Edmund Burke
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