Courtesy of Michael Panzner of Financial Armageddon
In a commentary for The Fiscal Times, "Cooking the Books: The 2010 Deficit Was $2.1 Trillion," Bruce Bartlett says what most Financial Armgeddon readers probably know already:
If corporate accountants used government rules for their financial statements, they’d be jailed. That’s why we rarely see the real number of the federal deficit—a terrifying $2.1 trillion last year.
The most interesting part? This chart (and other data cited by Bartlett) comes from a Treasury report, "A Citizen’s Guide to the 2010 Financial Report of the U.S. Government," that basically admits we are being deceived by our government.
What a country!
