Debt Tops Trillion

Here's some more info on our national debt: "The federal deficit for 2008 would top $1 trillion if the government had to use the same accounting methods as private companies. And that doesn't even account for the huge costs of the Wall Street bailout..." What's more, "The government is promising $49 trillion more than it can deliver on Social Security, Medicare and Medicaid over the next 75 years unless Congress steps in to shore up the system." So - "Some combination of tax increases, benefit cuts or other policy changes is needed to stave off unsustainable deficits."

The government only reports $455 billion in debt. However, if they used the accrual system of accounting, as ordinary businesses must do, they would have to record expenses when they are incurred, rather than when they are paid.

To find out more, read "US Deficit would top $1 trillion with new method." For those of us expecting to receive our earned federal retirement as promised, we'd better pay close attention...