… Despite the Obama administration touting a budget deficit of “only” $680 billion in 2013, the GAO’s more accurate accounting shows a total government cost of $3.8 trillion on total revenue of $2.8 trillion.
In other words– the administration wasn’t exactly honest with the American people– the deficit was more like $1 trillion, not $680 billion.
But it gets worse.
The GAO added up ALL the US government’s assets in 2013. Aircraft carriers. The highway system. Land. Cash and financial assets. The total is $2.97 trillion. The liabilities, on the other hand, total $19.88 trillion. This includes the official public debt, plus all sorts of IOUs and loan guarantees.
This means the net EQUITY of the US government is -$16.9 trillion [poster note: yes negative folks. GE.]
Moreover, the US government’s cash position is a mere $206 billion… roughly 1.1% of its public debt. This isn’t enough to cover net interest payments for the next year.
Unlike a savvy investor who borrows cheap money to purchase productive assets, the US government borrows money to pay interest.
via Sovereign Man and H/T to ZeroHedge where we saw it first
IRS officials on background tell FOX Business the U.S. Supreme Court ruling on health reform gives the IRS even more powers than previously understood. The IRS now gets to know about a small business’s entire payroll, the level of their insurance coverage — and it gets to know the income of not just the primary breadwinner in your house, but your entire family’s income, in order to assess/collect the mandated tax.
Plus, it gets to share your personal info with all sorts of government agencies, insurance companies and employers.
And that’s just the tip of the iceberg. “We expect even more lien and levy powers,” an IRS official says. Even the Taxpayer Advocate is deeply concerned. Continue reading →
The Grey Enigma 