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Haha, considering I make my living off of finances, I'd say you are the one needing the accounting course.
In the example above, want to tell me how I can pay next years expenses without the income, mmm ?
Then tell us about inter-company eliminations. If GE Power Systems borrows $1B from GE Capital, where does that show up on the consolidated balance sheet?
However, that fund they KNOW does not have enough money in it to accomodate future need. Thus, the money which has been borrowed to date MUST be paid back to keep the agency viable. Thus, its a liability.
Actually it's impossible to KNOW the future.
Quote:
Originally Posted by jcarlilesiu
While the overall picture of the financial stability of the fed was reduced.
Smoke and mirrors.
I am going to go out tomorrow to the bank and borrow a million bucks and then I am going to go buy a Aston Martin (my favorite) and then I am going to drive around and try and make myself look like I am loaded. We call them posers.
You clearly know more about posers. I'll defer to your experience.
Quote:
Originally Posted by jcarlilesiu
That wasn't the discussion, thus I won't follow you down the deflection road.
The question was. "Did the Clinton administration run a budget surplus".
Look at the whole picture, and not playing games with money, the answer is absolutely not.
Infact. He borrowed from the SS and STILL did not decrease the deficit.
Actually the federal government does have a way to pay social security retirement obligations, it taxes it's citizens as it does today.
BINGO... So instead of taking the Social Security income in the future when its needed, they will THEN have to not only take the Social Security income, but ALSO taxes!!!
Quote:
Originally Posted by rhinestone
The question is did the United States government run a budget surplus during Clinton's Administration and the answer is Yes.
If you think the answer is yes, then maybe you better dispute this with the federal debt debt calculators and tell me again why the debt continued to climb.. You think you know more than the FEDERAL debt calculators?
Quote:
Originally Posted by rhinestone
The question is did the United States government run a budget surplus during Clinton's Administration and the answer is Yes. But perhaps the more meaningful question is which administration -- Clinton, Reagan, Bush I, or Bush II -- was fiscally the most responsible. The answer to that is easy too -- Clinton.
Dont change the topic because this now leads to who ran Congress, because its CONGRESS than spends, not presidents.. And I'm sure that not an argument you want to discuss either, considering Republicans held Congress for ONLY 8 out of the last 45 years, and 4 of them, are the VERY YEARS you are claiming surpluses took place..
Then tell us about inter-company eliminations. If GE Power Systems borrows $1B from GE Capital, where does that show up on the consolidated balance sheet?
If GE Power Systems borrows $1B from GE Capital, GE Power systems gets a DEBT of $1B, with cash.. This creates a CASH balance of $1B, with an IOU for $1B, i.e. DEBT..
What is the point of even doing a budget then if the congress can pull money from any intergovernmental holding desired and still show a "budget surplus". Whats the point?
Um, by definition the federal government created an IOU with the SS department, which NEEDS to be paid back. The only alternative is the SS trust fund forgives the debt to the general fund, which would indeed validate the argument that THERE WAS NO SURPLUS.
BINGO... So instead of taking the Social Security income in the future when its needed, they will THEN have to not only take the Social Security income, but ALSO taxes!!!
And the sun comes up in the East..... [yawn]
Quote:
Originally Posted by pghquest
If you think the answer is yes, then maybe you better dispute this with the federal debt debt calculators and tell me again why the debt continued to climb.. You think you know more than the FEDERAL debt calculators?
Actual CBO and OMB agree with me. That's enough.
Quote:
Originally Posted by pghquest
Dont change the topic because this now leads to who ran Congress, because its CONGRESS than spends, not presidents.. And I'm sure that not an argument you want to discuss either, considering Republicans held Congress for ONLY 8 out of the last 45 years, and 4 of them, are the VERY YEARS you are claiming surpluses took place..
Yada Yada Yada. The Republicans controlled Congress and the White House for six years and ran horrendous deficits. Clinton proposed balanced budgets.
If GE Power Systems borrows $1B from GE Capital, GE Power systems gets a DEBT of $1B, with cash.. This creates a CASH balance of $1B, with an IOU for $1B, i.e. DEBT..
You didn't answer the question. Where does the $1B debt show up on GE's consolidated statement. (Maybe you don't know much accounting after all)
What is the point of even doing a budget then if the congress can pull money from any intergovernmental holding desired and still show a "budget surplus". Whats the point?
Nothing was hidden. Just when you add up all the revenues and all of the expenses there was money left over. That's a surplus.
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