Financial Report of the United States Government: "Ka-Boom"

Never heard of it? Neither had I. But Broder points out that you shouldn't feel bad about that:

The report had been completed early in December but was issued on Dec. 15. The Treasury Department, which compiled it, did not even put out a press release announcing its existence. [Tennessee Rep. Jim] Cooper said the total press run was 1,000 copies, and they have become such rarities that he suggested I could probably take the one he procured for me and put it up for auction on eBay.

Hardly surprising, considering the contribution from Treasury Secretary and Bush booster John Snow (emphasis mine):

The cover letter in the report from Treasury Secretary John Snow contains the bad news. Whereas the budget deficit for fiscal 2005 was officially given as $319 billion, "the government’s accrual-based net operating cost . . . was $760 billion in 2005."

That $760 billion is the real difference between the money the government received and the obligations it added in the last year; in other words, the unfunded costs being passed on to our children and grandchildren. (. . .)

David Walker, the head of the Government Accountability Office, the official bookkeeper for Congress, said at a briefing last week that the $760 billion accrual deficit "amounts to $156,000 of debt for every man, woman and child in America. For a family, it’s like having a $750,000 mortgage – and no house."

Raising the debt ceiling, borrowing unprecedented amounts from other countries, starting wars.... and cutting taxes. Smart.

Many thanks to OD1 for scaring the hell out of me with this story.