Battleangel

USA Today is on to the fact that economics is just a nonsense ’science’ of largely made-up theories and convenient accounting. Not to mention encroached by politics.

The United States’ true deficit is $2.9 trillion, more than three times the $729 billion the government claims, USA Today reported Thursday.

The report said the federal government keeps two sets of accounting books, and generally publicizes the most favorable one, which doesn’t take into account future obligations for Social Security and Medicare costs.

As an example of how disparate the sets of books are, last year, the government said it ran a deficit of $2,800 for every household. But the audited statement placed the deficit per home at $6,700, the report said.

The differences in the figures are based on whether cash or accrual accounting methods are used. Microsoft used accrual accounting when it reported $12 billion in net income last year, while Congress used cash accounting when it reported a $318 billion deficit last year.

Meanwhile, the outstanding public debt reaches new phenomenal figures. And the budget in increasingly skewed in favour of the military. All we need now is for the petro dollar model to cave in. Use you soon-to-be fiat currency while you still can.