Creeping Into Chapter 11

Sunday, March 05, 2006 at 06:31 AM

Uh-oh, this is not good....

Titled "Bleak deficit picture in Treasury report concerns lawmakers". Well, it'd better!

"According to the 158-page report, the fiscal 2005 federal deficit on an accrual basis was $760 billion, using generally accepted accounting principles that private businesses must use to present their finances."

760 BILLION????????????????????????

"That is an increase of $144 billion, or 23 percent, over the previous year's deficit of $616 billion. The cost to operate the federal government, including accrued benefits, was $2.95 trillion, versus $2.19 trillion in total revenues, resulting in the $760 billion net operating cost."

Um, what was this deal about conservatives being real tight-wads?

"In written testimony, GAO Comptroller General David Walker said the $760 billion net cost to operate the government and $8 trillion debt through the end of fiscal 2005 left out the costs of unfunded Social Security, Medicare, veterans' and other liabilities.

"Given these and other factors, a fundamental re-examination of major spending programs, tax policies and government priorities will be important and necessary to put us on a prudent and sustainable fiscal path," Walker said. "This will likely require a national discussion about what Americans want from their government and how much they are willing to pay for those things."......."

Well, dude, that depends on who you talk to. Me, personally, I want a budget balanced like a pair of Huey rotors, but, hey, that's just me..

$760,000,000,000 dollars. Lessee, I could buy:

16,033,755,274 Big Mac meals or...
23,000,000,000 cartons of cigarettes...
Or hire The Rolling Stones to play a party, eh?

It's inconceivable, shy of playing around with the calculator, how deep we are in the hole.

But, that's the idea, right? Sell America off at a bankruptcy auction? The "US GOING OUT OF BUSINESS!" sale?

God, can we stand this much longer?