Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench

Off Balance Sheet Deceptions

IMG Auteur
Published : January 30th, 2013
264 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Crisis Watch

The actual liabilities of the federal government---including Social Security, Medicare, and federal employees' future retirement benefits---already exceed $86.8 trillion, or 550% of GDP.

For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.

... if the government confiscated the entire adjusted gross income of these American taxpayers, plus all of the corporate taxable income in the year before the recession, it wouldn't be nearly enough to fund the over $8 trillion per year in the growth of U.S. liabilities.

Some public officials and pundits claim we can dig our way out through tax increases on upper-income earners, or even all taxpayers. In reality, that would amount to bailing out the Pacific Ocean with a teaspoon. Only by addressing these unsustainable spending commitments can the nation's debt and deficit problems be solved.

If that was only the problem we could consider it frightening. However when you consider all the off-balance sheet deceptions going on it becomes truly horrendous.

  • Unfunded Liabilities
  • Contingent Liabilities
    • Guarantees
    • Contractual Obligations
  • Special Purpose Entities
    • PPP - Public Private Partnership
    • PFI - Private Finance Initiative
  • SWAPS

Gordon T Long and John Rubino, with the aid of 23 slides put a magnifying lens on these carefully crafted accounting gimmicks, solely intended to obscure the true liabilities that every tax payer is on the hook for.


23 Minutes, 26 Slides

<< Previous article
Rate : Average :0 (0 vote)
>> Next article
Mr. Long is a former senior group executive with IBM & Motorola, a principle in a high tech public start-up and founder of a private venture capital fund. He is presently involved in private equity placements internationally along with proprietary trading involving the development & application of Chaos Theory and Mandelbrot Generator algorithms.
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
CLIFFS Natural Res(Fe)CLF
Why Cliffs Natural Resources Stock Price Is Under Pressure
US$ 3.55-8.03%Trend Power :
Corporate news
UR-Energy(Ur)URE.TO
June 17, 2015: Ur-Energy Announces Updated Technical Report for Lost Creek Property
CA$ 0.97-1.02%Trend Power :
Corporate news
Tahoe ResourcesTHO.TO
Goldcorp Reinstated At Outperform By Credit Suisse, Sees Cash Growth To Come
CA$ 15.57+2.10%Trend Power :
Corporate news
Duke Energy(Oil)DUK
Riley Institute at Furman, Duke Energy to help advance diversity leadership in SC following Charleston shootings
US$ 72.85+0.44%Trend Power :
Corporate news
Abraxas Petroleum(Ngas-Oil)AXAS
Abraxas Provides Second Quarter 2015 Conference Call Information
US$ 2.60-5.80%Trend Power :
Corporate news
Royal Gold(Ag-Au-Cu)RGLD
Shanghai Gold Exchange Withdrawals Point to Strong Chinese Demand
US$ 63.43+1.78%Trend Power :
Corporate news
Galantas(Au)GAL.V
Galantas Announces Private Placement
CA$ 0.12+25.00%Trend Power :
Corporate news
Niogold(Ag-Au-Cu)NOX.V
NioGold Reports Preliminary Leach Test Results at Marban
CA$ 0.40+2.56%Trend Power :
Corporate news
IAMGOLD(Ag-Au-Cu)IMG.TO
IAMGOLD clarifies impact of mining code revisions in Burkina Faso
CA$ 2.48+3.33%Trend Power :
Corporate news
Pacific Wildcat(Au-Ag)PAW.V
IIROC Trading Halt - PAW
CA$ 0.02+0.00%Trend Power :
Corporate news
Comments closed