Taxing Times

For those two people out there who are interested in
government accounting comes
this article from the National Review
that tries to explain
why out national debt is actually tens of trillions of dollars
more than the Administration is willing to say it is.

It’s called cash accounting and massively distorts the true
economic consequences of increasing spending while reducing
revenues. Whichever accounting system is used, the debts will
still come due. In fact, some of the debts are already here and
is mounting.

But I guess it’s not something that is important to most
people (until your taxes go up).


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