U.S. Net Worth: -44 TRILLION

Per the USA Inc.: A Basic Summary of America’s Financial Statements, treating the U.S. federal government as though it were a business and applying financial accounting standards, the balance sheet drilldown (page 210) summarizes a -44 TRILLION dollar net worth when the federal debt and unfunded entitlement liabilities are factored in. This report was produced for The Heritage Foundation by the accounting firm Kleiner, Perkins, Caufield & Byers (apparently a non-partisan company since it announces on its website that it is currently working with “Al Gore’s Generation Investment Management to solve our climate crisis”). On the next page, 211, the report add a note of caution:

There are doubts about the accuracy of such a big negative number, especially when the value of USA Inc.’s assets is so hard to calculate. The value of natural resources, the power to tax, the ability to print the world’s reserve currency, the human capital in our educational system – these and other assets would clearly reduce that number, if they could be accurately calculated.

Given the differences between government and corporate accounting, what matters is not the exact number, but the trend – which is clearly moving in the wrong direction. Liabilities have been growing faster than assets.

However, what do we hear from Lynn Woolsey? Nothing that constructively and REALLY contributes to cutting our severely bloated federal budget and future obligations. She points her finger at the majority party in the House that at least is trying to cut back the TRILLIONS being spent. She and the Congressional Progressive Caucus even lie about GOP statements made regarding jobs and cutbacks. And, of course, she complains that the ongoing wars in the Middle East are eating up money that could be spent here (or even used to cut the deficit), but one has to ask again why she wasn’t able to persuade her own party, when it had the power, to end those wars. It does no good to blame the other party now when she could not manage the desired result when the Dems were fully in charge of the House (and Senate and the presidency).

We must change the way Washington D.C. does “business” and reduce the heavy debts with which we are burdening ourselves — and most importantly our children and grandchildren. Lynn Woolsey’s attitude about this vital issue is simply unacceptable.

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About district6voter

A concerned Northern California citizen who believes Representative Lynn Woolsey ought to be replaced in November, 2010.
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2 Responses to U.S. Net Worth: -44 TRILLION

  1. Michael Murray says:

    Below is from an email I recieved from Woosley on 5/25/11 in response to an email I sent to her telling her NOT to vote to increase the fed debt ceiling. Amazingly she indicates that she intends to vote in favor of increasing the debt ceiling. We have to find a way to get rid of Woolsey as she is a part of the insane wreckless spending machine now in power in Washington. Woolsey has proven to be ineffective even within her own party. From Woolsey:
    “Congress must vote soon on extending the federal debt limit. While I have deep concerns about our country’s public finances, I believe Congress should support an extension of the debt limit without conditions or requirements. The debt ceiling vote is about one thing: ensuring that the United States pays its bills. A failure to raise the debt ceiling would threaten our country’s economic recovery and could create a worldwide financial crisis if America were to default on its debt obligations. ”

    While I support a clean extension of the debt limit, I recognize that our country faces immense fiscal and budgetary challenges. Overcoming these challenges will depend on how we responsibly cut government spending, reform our tax code, strengthen our social safety net, and invest in the economy and future generations. Unfortunately, the Republican leadership offered a budget resolution for Fiscal Year 2012, H.Con.Res. 34, that would not balance the budget until after 2030, while permanently extending tax breaks for the wealthy. This budget resolution represents more of the same failed policies that have that have exploded our nation’s public debt and sent millions of jobs overseas. That’s why I cosponsored the Congressional Progressive Caucus budget alternative for Fiscal Year 2012, which would eliminate the deficit and create a multi-billion budget surplus by 2021.

    • Thanks for your comments.

      Yes, she did indeed vote for an increase in the debt ceiling yesterday (see my brief post on that). In 2012 we have to vote for someone who possessed fiscal responsibility. The question is, who will come forward and run on that platform? The Democrats already in the race (assuming Lynn Woolsey retires) are just as irresponsible as she is. No one on the conservative side has announced yet, probably due to the uncertainty of redistricting and the new primary system.

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