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Federal Financial Disaster
Por Royus - Saturday, Apr. 02, 2011 at 7:46 AM

Our Federal Government's is broke. Our financial condition is the accumulation of decades of mismanagement. Any thoughtful reading of the Financial Statements from Fiscal Year 2009 (ending September 30, 2009) just released by the US Treasury Department or the Government Accountability Office (GAO) most recent report on our Long Term Fiscal Outlook presents stark information showing how broke the US Federal Government has become.

Let us do the math. Not the "Political Math" of the public pronounced "Unified Budget Deficit" but the actuarial accounting that is a better (realistic) measure of the true financial status of our government.

There are two main flaws in the political math used for the public announced deficit figure. First, the political accounting considers the receipts of the off-budget designated trust funds from Social Security and Medicare as current income (think Enron-like accounting scheme). Second and a much bigger flaw, the political financial accounting ignores most future obligations including the increasing cost of the promised Social Security and Medicare benefits. This is nothing new. The public has been deceived since 1968 with reports of the Federal Deficits using the official but misleading "Unified Budget Deficit" standard.

All of us have been paying into the Social Security and Medicare Trust Funds but our government is not planning to pay these promised benefits. If our benefits payments were planned then it would force accounting for them as future liabilities. Instead these benefits are only considered "Future Commitments" and excluded from our national government's financial statements and budgeted only for the current year. The funding gap between these promised benefits and the expected funds to pay for them increased by $3 trillion last fiscal year now totaling $46 trillion.

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If you looked at the last fiscal year and assess it from the more realistic actuarial accounting framework, instead of the $1.453 trillion deficit reported in public, the Federal deficit would be $4.250 trillion. Add it up yourself - Here's the arithmetic: "Net Operating Cost" deficit $1.250 trillion + increase of liabilities for Social Security $1 trillion + increase of liabilities for Medicare $2 trillion = $4.250 trillion.

From another perspective, our government collected $2.2 trillion but spent or become obligated for nearly three times that amount, $6.4 trillion. This is over 45% of the entire US economy consumed by our government. While FY 2009 was a tough year, a $3 to $4 trillion increase in our fiscal gap every year is our normal trajectory. The total Federal Fiscal Gap is now $62.1 trillion - the amount of money needed today in hand to pay for the unfunded spending commitments and to payoff our current Federal Government debt.

Our Federal Government is broke. From a truthful, non-political accounting perspective, no other conclusion is possible.

As a citizen, I have a duty to speakout about clear and present dangers to our fine Country. My three core areas of research are: 1. The Federal Fiscal Trajectory, 2. Healthcare and Health Insurance, 3. The Texas Tropical Cyclone Risk.

It is easy to blame the politicians for the mess we are in. It is harder to blame ourselves. We have to stop voting for the "Toothfairy" and insist on realistic solutions to the hard economic issues we face. As a citizen, your political office requires active participation including voting but also being involved with the political discourse.

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