TaxCheat Geitner -- Hand in the Till

[flacaltenn]

Pete:

Don't sweat it. You are correct in every way except as the govt would explain a surplus. So for us normal math capable folks, you are OK with those numbers.

In terms of the Budget Books, there was a surplus. THEN -- after they stole the 300Bill from payroll tax and showed it as REVENUE --- the treasury made "a purchase" of 300Bill in Bonds (different series from publically traded, practically worthless) as an intergoverment transfer to the "trust fund". So in terms of the public budget books, they ignored the transfer.

Many ardent leftists still argue that those trust fund bonds are actually earning INTEREST! And that the fund is solvent for another couple decades. Those people should have their GEDs revoked.. If you pretend that the trust fund is due interest when you calculate the solvency dates (which they actually do) -- the SIZE of the theft just increases..

When Factcheck states that there was a surplus, they are looking at only the public debt and are not including the intra-governmental debt. Looked at this way, yes, there was a surplus. So much money was coming in through Social Security taxes (and used to buy Treasury bonds) that the general fund exceeded the budget by several hundred billion.

Is this a valid way to view the matter? After all, the money the government owes itself shouldn't count, right? Well, yes, it should. The social security money was already earmarked for future social security payments, and the Social Security Trust Fund will want to get its money back when it comes time to make more payments. So yes, this is real debt and I can't think of any reason to exclude it.

http://quaap.com/D/clinton-surplus-factcheck

All part of the lies and theft and money-laundering that occured since LBJ.. And worse than that --- It's exactly what Geitner is doing today with Fed Employee Retirement monies..