VACostCutting

Tuesday, August 14, 2007

Rules 'hiding' trillions in debt

Liability $516,348 per U.S. household

The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows. The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.

Read the complete story from USA Today here.

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