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Liability $516,348 per U.S. household

22 June 2007

Rules ‘hiding’ trillions in debt

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,……

read more at usatoday.com

I think the point that is the most upsetting, is the Social Security debt I own after paying 100,000$ in to the system. I don’t expect to receive a dime from Social Security. Do you?

The other sore point is that Congress has saddled American business with the Sarbanes-Oxley Act of 2002, see the wiki for more info.  Generally agreed to be quite burdensome to business.

Of course congress is exempt.  What is good for us in the way of transparency is not good for congress.
Sarbane-Oxely has actually been credited in causing the move of initial stock offerings from the US to the London (UK)  based stock exchange.

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