Originally posted at Montara Energy Ventures
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.
Not only are we losing sight of the Constitution, we’re spending ourselves into oblivion. This is simple stuff, if you were in this situation personally, you’d know what to do… Step 1, reign in the spending. Step 2, pay down the debt. Step 3, invest any excess capital. Step 4, don’t spend more than you bring in again. Oh, I forgot, it’s the Congress that holds the purse strings, the same people who bounced check after check from their OWN BANK!
What do you mean there’s no more money, we still have checks! We’re in trouble…
Originally posted at Montara Energy Ventures.
I’m going to make a prediction today: you will never drive a hydrogen fueled car. Although hydrogen does indeed have some benefits in certain applications, it’s my task today to separate the reality of useful fuel cells from the hydrogen hype. That may seem like a bold statement to you now, but by the end of this article, you’ll understand why.
Mr. Nelder may well be correct in his assessment. But, we tend to believe, it is the trillions of $ required to make such a change that will ultimately drive the change. Enormous challenges create enormous opportunities.
Bonds hammered the shot in the 2nd inning off the Padres hurler Clay Hensley. The count was 3-1 and the shot tallied Bond’s 21 dinger of the year. He now has 755 career home runs.
There has been much talk about this milestone and strong feelings that Barry Bonds is a cheater and drug user and thus shouldn’t receive accolades for meeting and ultimately breaking Hank Aaron’s record. Well, I say “shah, right, like none of the pitchers he was trying to hit were on the juice.” The reality is, like every other professional athelete, Bonds tried to get an edge. It was illegal and he got caught (sort of) – but it’s not like he was alone. Does anyone really believe in their heart of hearts the pitchers weren’t doing the same thing?
Bonds suffers from being an asshole. He’s not a likable character, he’s a high strung competitor, he’s childish, he cheated, and he got caught. But, he has tied the record and unless he does something like retire tomorrow, he will break the record. So purists, get over it. It’s done. Give Barry his due. You don’t have to like him, you don’t have to respect him, but you do have to recognize the achievement.
Oh, and by the way, there’s still rampant cheating going on (perhaps not Bonds now) but you can rest assured the rest of the major leaguers are looking for any edge, legal or not, to keep them in the league and enhance their performance. It’s wrong, but it’s what the major sporting leagues are all about. And don’t think for a moment that MLB doesn’t know – they simply don’t care because it puts a stronger, more exciting product on the market.
