USA TODAY: The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.
A U.S. household’s median income is $49,445, the Census reports.
The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits.
Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules… (more)
EDITOR: The three remedies to this problem are stimulating the ecnomy back to prosperity, returning to the higher normal rates of taxation, opening the boarders to Latinos who tend to be younger and have more children, and ‘real’ inflation at a rate of 2% a year.
