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Surprise! Last Year's Deficit Actually $5 Trillion

InsideStraight Wrote: May 25, 2012 6:39 AM
Wait a minute...are you saying that the same Congress that excoriated Enron for their creative accounting practices, the same Congress that passes Sarbanes-Oxley and Dodd-Frank is not following generally accepted accounting principles? I am shocked. I tell you that I am SHOCKED.

Since 2009, and since Senate Democrats last passed a budget, the Congressional Budget Office has calculated $1 trillion deficits each year with 2012 being no exception. But now, a new USA Today study shows that last year's budget deficit wasn't $1 trillion....it was actually $5 trillion.

The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the...