News, Taxpayers on the hook for $59 trillion. (Congress, generations, Indiana)

[JD59]

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," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.

Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

Taxpayers on the hook for $59 trillion - USATODAY.com

[KoZmiC NinJa]

The Bu$h admin has the honor of having for 6 years running
the highest deficits in our history. Bu$h apologists are elated
that this year 6 highest deficit is lower than the 5th year deficit....

Japan, who was buy up or debt but thinks its a bad investment now,
is selling it off to China. Given our political relationship with China,
if they ever decide to cash out this debt we are done.
The chimp was handed a surplus on a silver platter...all he had to
do was show up at the Whitehouse occasionally and he would look
good. It takes an extraordinary tool to wreck what he had given
to him.

[GregW]

I wonder who is profiting from this deficite spending? Anyone we know?