Wednesday, February 16, 2011

Government Accounting

Government accounting is not the same as accounting for a business. The difference is government outlays are immediatley expenced and don't reflect the underlying asset. For example, the total cost of a new bridge is expensed right away thereby increasing the deficit. The underlying bridge asset may be in use for the next fifty years but this is not reflected in government accounting. The deficit reduction proposed by the parroting R is political theature destined to ruin America. America need more investment and not less. The deficit will be reduced once people are put back to work.

3 comments:

  1. Louis,

    Is this the responsible accounting the democrats are touting? The only people going back to work are on the socialist government payrolls. Socialism is fine until you run out of other peoples money.

    IRS needs $359M to amass army of 1,000 to implement 1st phase of Obamacare

    February 16, 2011
    irs

    The Internal Revenue Service says it will need an battalion of 1,054 new auditors and staffers and new facilities at a cost to taxpayers of more than $359 million in fiscal 2012 just to watch over the initial implementation of President Obama’s healthcare reforms. Among the new corps will be 81 workers assigned to make sure tanning salons pay a new 10 percent excise tax. Their cost: $11.5 million.

    Pops
    @Conservative Outrage

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  2. To my good friend POPS,

    The reason for my lesson on government accouting is to educate my friends on the right that the deficit is not all bad. Most deficit spending are assets to our economy and make America a better place to live.It should be noted that China spends half as much on defense and over twice as much on investments to their infrastructure as America. Reduce defense spending and return tax rates to the previous rate and the deficit problem is solved. By the way, how is your government health care working for you? Watch for more comments on health care.

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  3. Louis,

    Thank you for your definition of accounting. Having that said you failed to address my concern about the money being spent on Obamacare and the IRS. Regarding Chinese have you seen the roads they have. Of course they spend more on infrastructure, they have a long way to go. How about mine safety?
    I presume you are referring to President Reagan's tax policy when The United States had unprecedented growth and prosperity.

    Regarding MY health insurance, I continue to work full time and be a productive asset to this great country. Unlike the vast voting block of this administration who chooses to live and like leaches on the government doles and productive citizens. I pay my health insurance like a good Conservative American.

    Have a good week.

    Your friend,
    Pops
    @Conservative Outrage

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