Obama Leaving On A High As the Government’s Net Position Worsens

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Not A Care In the World Unlike Us Peons in the 53%

Thanks to Judy M for this information –

Politico says that Obama is off to his multi-million dollar vacation in Hawaii on a political high note. Maybe he IS high because that is the only thing that would explain it.

That shows the disconnect between politics and reality more than anything else I could possibly say.

According to Market Watch, the U.S. government’s net position has worsened and forget about Obamacare doing anything but making our future economic growth untenable. Not to worry, other than our widespread internal-control weaknesses, serious financial management problems, and the federal government’s “ineffective process” for preparing financial statements, we’re in fine shape. You still think Obama is doing a great job?

Republicans really need to run on the “We are the 53% ticket” because we, the silent majority are getting crushed.

By Ruth Mantell

WASHINGTON (MarketWatch) —

– The federal government’s liabilities exceeded its assets in fiscal 2011 by about $14.79 trillion, according to a report issued Friday that Treasury Secretary Timothy Geithner described as a “sobering” snapshot of long-term challenges. ”

– Our actual and projected deficits are too high … and over the longer run, enlarged by the aging of the population and the rising cost of health care,” Geithner said in a statement accompanying the 2011 Financial Report of the U.S. Government.

– In fiscal 2010, liabilities exceeded assets by about $13.47 trillion. The $1.31 trillion widening was due to greater liabilities for federal debt and employee and veterans’ benefits. While total assets declined to about $2.71 trillion from $2.88 trillion in fiscal 2010, total liabilities widened to $17.49 trillion from $16.36 trillion.

– Elsewhere Friday, the Government Accountability Office said that it could not “render an opinion” on the 2011 report, citing “widespread material internal-control weaknesses, significant uncertainties and other limitations.” GAO pointed to various obstacles, including the Defense Department’s “serious financial-management problems” and the federal government’s “ineffective process” for preparing financial statements.

 

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