$760 Billion Deficit, $49 Trillion Debt

Enron accounting is in the house.

Treasury Report here.

Oops...looks like we have some Enron-style accounting going on here, folks. They even did the Dems a favor by stacking the books so badly that should the Democrats take control of Congress, they will be blamed for the actual debt number which is closer to 50 trillion dollars.

Nixon and Ford were spend-it-all-while-you've-got-it politicians, and Jimmy Carter took all the blame for the lack of fiscal responsibility by the prior presidents.

It really looks like history just might be repeating itself again.

Though the Bush Administration's official budget lists the national debt and deficit as being incredibly high, they are actually far worse than reported, according to Rep. Jim Cooper (D-TN). But don't just take his word for it, even if Cooper is a Rhodes Scholar and Harvard Law graduate. The following figures appear in the official U.S. Financial Report, released by the Treasury Department:

* The true national debt is $49 trillion, not the $8.3 trillion Bush reported
(o That's $156,000 for every citizen, or $375,000 for every working American)
(o This figure has more than doubled in the past five years)
(o We paid $327 billion last year on interest alone)
* The true 2005 deficit was $760 billion, not the $318.5 billion Bush reported
(o This is 6.2% of the GDP, not 2.6%)
* It's all getting worse