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Surprise! Last Year's Deficit Actually $5 Trillion

siler Wrote: May 25, 2012 4:28 AM
charts a bold course to resurrect power limiting doctrines, eliminate excess government, restore individual sovereignty and liberty. Indeed, Emord offers a detailed plan for deregulating markets and weaning Americans from entitlements, including Social Security and Medicare, without leaving dependents destitute. Ron Paul describes Restore the Republic as "an invaluable explanation of how constitutional bulwarks against big government were eroded-and how we can rebuild them," concluding that the book is "highly recommended" for all "interested in regaining our lost liberties and restoring our republic." Restore the Republic Rise of Tyranny, Jonathan Emord

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 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...