Reply #16: All gov indicators very understated

[kuozzman]

From Snow's Report:
• Net debt is $7.1T, but he notes that Federal accounting standards allow the government to measure it’s liabilities to SS and “certain other programs” in other contexts

 Notes that government liabilities including all future obligations (over next 75 years, rather than 10 years, like the “official” national debt of $7.1T ) like SS, Medicare, pensions, benefits, etc. are $34.825Trillion!

 Further notes that that figure does not include the most recent Medicare Prescription Drug, Improvement and Modernization Act of 2003, which will cost $534B over 10 years(75 year value not yet known)
 Nor does that figure include the recently passed Corporate Tax Bill, 9/11 Recommendations Bill or the most recent tax cut

• Bush raised Treasury debt ceiling from $6.4T to $7.384Trillion (and as of early October 04 needs to raise it again, but will put that off until after the election)