What the fuck is this Inter-American Bank?

[Joanne98]

And who gave the democrats the silly idea that we gave them control of congress, so they could give control of our country to somebody we never heard of?
http://www.iadb.org/

THE BILL IS PASSED.!

[Joanne98]

1. WHAT PART OF 59 TRILLION DON'T U UNDERSTAND?

Report: Hidden U.S. debt at $59 trillion
http://www.sciencedaily.com/upi/?feed=TopNews&article=UPI-1-20070529-11414600-bc-us-deficit.xml

WASHINGTON, May 29 (UPI) -- If the U.S. government used standard corporate accounting practices, the nation's total liability would be $59.1 trillion, USA Today reported Tuesday.

Because the government keeps Social Security and Medicare on separate ledgers, the amount the government actually owes is far higher than claimed, as the two programs account for 85 percent of the total shortfall, the newspaper said.

The government claimed a $248 billion 2006 budget deficit but if standard accounting had been used to include the two programs, the true number would be $1.3 trillion, the report said.

Accountants in the analysis said the $59.1 trillion represents a 2.6 percent increase over last year and works out to $516,348 for every U.S. household.

Corporations and all levels of government except at the federal level use accounting practices that require expenses, including future ones, be recorded immediately. However, the White House and the Congressional Budget Office claim Medicare and Social Security aren't true liabilities because government can cancel or cut them at any time.

Copyright 2007 by United Press International. All Rights Reserved.
http://www.sciencedaily.com/upi/?feed=TopNews&article=UPI-1-20070529-11414600-bc-us-deficit.xml

[IndyOp]

4. The $59 trillion debt is pure right wing propaganda -

I think it is a campaign from the GOP to end Social Security and Medicare.

The GOP wants the Federal government to include in it's current expense budget money that will be paid by Social Security and Medicare in the future -- "unfunded promises" -- and that's ridiculous. I am 43 and my taxes are paying for the Social Security and Medicare of people who are retired now. When I retire, the taxes of people still working will pay for my Social Security and Medicare. If the federal government includes the cost of my Social Security and Medicare as an expense in this year's federal budget that is dumb and dishonest. The money has been promised to me, but it will remain "unfunded" until I retire and the taxes of those still working fund it.

Notice that the USA Today report on this includes a quote from Chris Chocola - a Republican Congressman who lost the last race and now seems to have a job with a right-wing think tank to scare Americans into ending all social programs.

Why do Chocola and a blogger (whose post I also pasted below) both point to social programs as "the problem"? Why not military expenditures and the debt we pay on those expenditures? Because they don't want an honest accounting system, they want to end social programs.

I do think we have a problem - Bush has been stealing from Social Security to pay for weapons and equipment and troops to commit war crimes. This new $59 trillion debt campaign is GOP propaganda.

Can't resist: At moments like this I sure wish Al Gore had had a chance to put Social Security in a lockbox! If we had not allowed the election to be stolen from him... Sigh.

Rules 'hiding' trillions in debt
Liability $516,348 per U.S. household

By Dennis Cauchon
USA TODAY

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.

"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.

Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.

Unfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest.

http://tinyurl.com/3xorza

USA Today: Feds Hiding $59 Trillion in Debt via "Accounting Rules"
This is huge news. And coming on the day when Obama is coming out with his "Free Health Care for Everyone" rhetoric, the timing could not be more interesting. Because 85% of the $59 Trillion price tag comes from socialist programs put into place by Obama's own party--going all the way back to FDR and the Great Society.

http://discerningtexan.blogspot.com/2007/05/usa-today-feds-hiding-59-trillion-in.html

[Joanne98]

5. I know the thugs are quoting this, but that doesn't mean it's not true..

They spent the money and now they're trying to act like they're saving the day. it won't work. The budget was balance when Clinton left. BUSHCO looted the treasury. There's no way everybody owed SS and Medicare is going to except a bankruptcy note. it doesn't matter what happened BUSH is getting blamed for it. If it was up to me I would cancel all foreign debt and auction off the Pentagon.

[IndyOp]

6. We may have to agree to disagree, but I think that "unfunded promises"

are like garden fairies. If the federal government should include the costs of Social Security payments that it won't make for another 25 years in this year's budget, then I should include in my personal budget the costs of repairing damage to my garden from fairies. It is nonsense.

It is entirely possible that the GOP is desperate to destroy Social Security BEFORE Americans realize how much of the money that was in the Social Security "savings" is gone due to Bush... and Congress.

[Igel]

7. A business has to include all liabilities on its balance sheet.

Per GAAP. The federal government doesn't follow GAAP.

But the incredibly high number does precisely that--includes all liabilities.

Now, companies must do this for a simple reason: You must know their net worth. Should you give them a loan, or buy their stock, you have to know what they're worth ... now. However, many companies have a fair amount of debt; they continue in business because people know they'll have future income. The key is to look at the numbers and figure out if they can pay off their debt and stay in business, if income exceeds expenses, including debt retirement.

The last bit is what the purveyors of the oh-so-high number don't do, whether they're on the right *or* the left. For the liabilities that'll be retired, there'll be future income or some source of liquidity. Why? Because the Congress will authorize more debt (and we'll farm out the debt to others) or they'll raise taxes, or maybe the taxes currently slated will be enough--I doubt it, but you never know.

The point is, the US government is not a business; there is zero risk of it becoming insolvent in the next year *and* being liquidated. It not only has liabilities that can be waived by Congress (with great political cost, but they're still waivable), it also has as close to guaranteed income as you can imagine.

[undergroundpanther]

10. There's lot of costs business leaves out

It doesn't take much to realize why environmental and social costs are overlooked in the accounting process; a company's period and production costs are very cut and dry, with the amount of cash invested weighed against the amount of outputs produced. How can one even begin to accurately gauge the detrimental ripple effects that a firm's waste dumping will have on a surrounding marshland? How much residual damage will an oil spill have on the clean drinking water supply? How will the clear-cutting of tropical rainforests bode for the long term survival of the surrounding ecosystems? Rather than forcing companies to address these concerns head on and find costing methods to incorporate environmental and social costs, governments have quietly turned a blind eye, allowing industrial businesses the liberty of externalizing the entirety of these environmental and social costs in a solution that conveniently works for both parties.

http://www.i2r.org/fmm/issues/june2005/article1.html

[On the Road]

8. What Part of it Don't I Understand? None of It

The article is almost entire vacuous. It should not be appearing on Science Daily.

Do you know the assumptions that $59T was based on? How many years in the future are taken into account? Average life expectancy? Average immigration? Average productivity growth? Average wages? Over the time period under discussion, those assumptions make the difference between catastrophe and surplus.

More importantly, are future liabilities offset against future assets? If not, how much of the $59T are covered by future tax revenues?

Yes, businesses accrue future liabilities, but they do not accrue future revenues, which is how Social Security and Medicare are designed. The way the article is written, those programs could be in surplus for many lifetimes. The article would not technically be wrong in the narrowest sense, but would be utterly misleading.

[blm]

2. Thanks for this.

.

[Joanne98]

3. You are very welcome BLM. You just can't trust your own guys..

Apparently. I can't believe they are pulling this crap!!!!

[undergroundpanther]

9. it's the GLOBALISTS stupid!

In the next century, nations as we know will be obsolete; all states will recognize a single, global authority. National sovereignty wasn't such a great idea after all. – Strobe Talbot, President Clinton's deputy secretary of state, as quoted in Time, July 20, l992

Globalism is where the red and blue pose of these pigs run into the same color, at the globalist feed trough.Globalism is a nightmare for most people,and we are being dragged into it by the"elites". Clinton didn't oppose the globalists and neither does bush..

“GOP leaders told Bush that his hardcore push to renew the more onerous provisions of the act could further alienate conservatives still mad at the President from his botched attempt to nominate White House Counsel Harriet Miers to the Supreme Court.” Thompson reports the following exchange:

“I don’t give a goddamn,” Bush retorted. “I’m the President and the Commander-in-Chief. Do it my way.”

“Mr. President,” one aide in the meeting said. “There is a valid case that the provisions in this law undermine the Constitution.”
“Stop throwing the Constitution in my face,” Bush screamed back. “It’s just a god-damned piece of paper!”


(With that attitude you can see how much bush respects this country and democratic principles or a constitutional republic..)

http://infowars.net/articles/december2005/121205neocons.htm

The Nationalist-Globalist Class (NGC) runs the show and consists of corporations/media, foreign interests/agents, nonprofits and the like. The NGC’s enforcement arms are the three branches of American government, housing the two-party system, its agencies/departments and, of course, the US military. They are insulated/protected from the daily grind of American life and, at the first hint of attack/natural disaster, are whisked away to the safety of their bunkers.

Vital to the NGC are its American Disciples -- those millions upon millions of Americans who believe the myth and propaganda generated by their corporate and religious masters. They have signed on to The Covenant of the NGC. In this they are the American equivalent of Hamas in Palestine. The American Disciples offer a religion that grotesquely merges commodity with religious faith, and censor anyone who seriously threatens their system. They are found in the form of the local auto mechanic, with the W bumper sticker, or the computer technician with the John Kerry bumper sticker. On the national stage, it’s George Bush and Hillary Clinton, or those like John McCain and Barak Obama. What do they have to offer the world that hasn’t been seen or heard before?
The Remainder

The Fractional Class (FC) occupies the second tier of American society. These are the millions of remainders -- those Americans who are nothing more than temporary renters in the behemoth domestic and global system run by the NGC. They own tiny fractions of the stock and housing markets. They have minor input in their respective workplaces. They volunteer on weekends at the local homeless shelter. They go to dinner and a movie once a week and find solace in television entertainment. They must borrow heavily from the NGC to make their lives and those of their children work. In their homes, they argue over invoices/bills at least once a week.

http://www.onlinejournal.com/artman/publish/article_461.shtml