The term Generally Accepted Accounting Principles (or GAAP) refers to the standard framework for financial reporting that most U.S. corporations employ. The act of intentionally producing false GAAP statements is a crime.
John Williams, writing at ShadowStats.com (subscription required), used the Treasury Department's latest financial statements and calculates the true 2012 federal deficit, which includes the net present value of unfunded liabilities like Social Security and Medicare) at:
In 2011, using GAAP accounting, the federal deficit was:
Which means the annual deficit grew at a rate of nearly:
30 percent in one year
Anyone who thinks this level of fiscal irresponsibility can last much longer, raise your hand.
As for you Democrats: history will not treat kindly your support of the people who are quite literally stealing our children's futures.
And why the feckless, cowardly, and pathetic Republican "leaders" aren't shouting these numbers from the rooftops at every opportunity remains a mystery for the ages.
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