2/9/10

How could fiscal 2009’s reported Federal Deficit be only $1.42 trillion if Total Debt increased by more than $1.88 trillion?

Date                    9/30/2008                         9/30/2009


 


Value                    $10,024,725,000,000            $11,909,828,000,000


 


 


 



 


How could the national debt have increased


 by considerably more than...the "deficit"?


  


Simple.


  


Just call the money borrowed from the Social Security trust fund


an "intragovernmental transfer,"


and exclude it from the calculation of the deficit.


 


 Corporate managers have gone to jail for less book cooking than that.


  


John Steele Gordon


A Short History of the National Debt


Wall Street Journal

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