Scandal… Team Obama Cooked the Books – 2010 Deficit Was Actually $2.1 Trillion Not $1.29 Trillion

The Tax Prof Blog passed this on from The Fiscal Times.

If corporate accountants used government rules for their financial statements, they’d be jailed. That’s why we rarely see the real number of the federal deficit—a terrifying $2.1 trillion last year. …

In principle, changes in the cost of long-term commitments should be included in the budget, as they would under accrual accounting. The Financial Report takes a stab at doing so and finds that it would have almost doubled last year’s budget deficit from $1.3 trillion to $2.1 trillion.

And, here we thought a Trillion dollar national deficit was bad!

1. 

   #1 December 28, 2010 at 9:35 am

   kato commented:

   You gotta be a black or union parasite to appreciate this clown. Why would he even care about deficits when his goal is to transform the country? He’s too arrogant and stupid to realize the damage he’s caused.

   Harvard University + affirmative action = Obama

2. 

   #2 December 28, 2010 at 9:43 am

   bigkahuna commented:

   Big shock Obama lied and cooked the books.

   Hey you have to spend all your money and then some to find out how much you dont have !

3. 

   #3 December 28, 2010 at 9:44 am

   bigkahuna commented:

   Besides, Its Not Obamas fault GW Bush gave him a bad economy and Nancy did not tell Obama how much he could spend or give him his allowance just the credit card with no limit

4. 

   #4 December 28, 2010 at 9:55 am

   Bunni commented:

   This is not surprising!
   Meanwhile, Bammy is living it up and stuffing his mug while wearing that despicable Sh&^ eating grin of his…. http://www.dailymail.co.uk/news/article-1342103/Wish-Obama-enjoys-Hawaiian-vacation-ice-frozen-dessert.html
   Worse every day! And another thing, he praises that dog murdering michael vick????? He’s even more despicable and evil than I thought!

5. 

   #5 December 28, 2010 at 10:17 am

   averagemelon commented:

   Did anyone ever think otherwise?

   EVERYTHING the man says is a LIE.

6. 

   #6 December 28, 2010 at 11:14 am

   Multitude commented:

   As one who deals directly with the responsibilities of Sarbanes-Oxley in the Fortune 500 world, I’ve demanded an equivalent ethical/regulatory framework for the Federal Government’s accounting for several years. With the new Republican House coming into office in a few weeks, I’d strongly encourage hearings and a legislative effort to financially reform government accounting and financial practices — call it the Sarbanes-Oxley for Government.

   Absent such reform, economic implosion is not only certain but warning signs of its immanence are almost guaranteed to be absent. Opportunities for ethical disclosure, whistleblowing, alerting, alarming with financial reports, etc. are all but lost with the current system.

   Put real teeth in the legislation as well, requiring each agency head and its financial heads (e.g. DHS, DEA, IRS, DOA, etc.) attest to the same levels of accuracy in financial reporting as do the private sector CEOs and CFOs. Give them 12 months, requiring they submit attestations and be at risk of jail time for material misstatements following 12/31/2011. Politically, this would set up remarkably well for either party should they campaign on a real reform of government. Economically, it provides incredible transparency to the state of the government and serves as a critically needed indicator of the accuracy in financial statements which will be mandatory for any subsequent governmental fiscal reforms.

   Today, there is no capacity to audit, analyze, budget, forecast and reform any portion of the U.S. Federal government given the pervasive corruption, accounting abuse, and outright fiction represented in their statements. Reform this government now or lose it to inevitable and increasingly immanent collapse.

7. 

   #7 December 28, 2010 at 11:18 am

   Chisum commented:

   Obama Destined For The Scrapheap Of History?

   http://minx.cc/?post=309863

8. 

   #8 December 28, 2010 at 11:34 am

   donh commented:

   Politicians pretend like they are too busy to write a budget because no budget written gives a wink and a nod for agencies to abandon all fiscal discipline . It is a green light for all levels of goverment to spend whatever the hell they want to and pass the buck on down the road. It is more of the same criminal government failing to obtain the proper legal consent of the governed to do what it wants to do. Taxation/spending without representation ! The new congress needs to start sending beaurocrats to JAIL for this grotesque embezzlement destroying our country. Start with your own party RINOS who enable this theft, and nobody can claim it is “playing politics”

9. 

   #9 December 28, 2010 at 12:02 pm

   kevin m commented:

   Probably learned this tactic from the bush admin the way they hid the cost of the wars from the budget. Wake up clowns!

10. 

    #10 December 28, 2010 at 12:14 pm

    Chisum commented:

    Tell me, Kevin M, does it hurt when you pass those parrots you swallowed?

    Just curious.

11. 

    #12 December 28, 2010 at 8:51 pm

    Taqiyyotomist commented:

    ROTFLOL! @ Chisum #10

    Oh the image.

12. 

    #13 December 28, 2010 at 9:59 pm

    ObamaHater commented:

    Why does anyone spend millions od dollars to conceal their birth certificate if they have nothing to hide?

13. 

    #14 December 28, 2010 at 10:03 pm

    ObamaHater commented:

    What does a person care about deficits if his goal is the destruction of the country? Remember, this is the same Marxist S.O.B. who was close friends with Bill Ayers. Ayers, as you remember, openly discussed how they would divide up the U.U. among the Chinese, Cubans, Russians and North Koreans after its fall and the logistics of how to dispose of millions of Americans who would oppose them.