Even an economist at CNBC, owned by GE, bailout object of the federal government is breaking ranks and warning of the obvious. But just as is making the news on Portugal today, the debt is much larger than advertised due to a lack of full disclosure about sub entities of the state. The news is always biased to minimize the debt or deficit spending. For instance deficit spending is always expressed as a percent of GDP instead of compared to total tax receipts. Our deficit spending might be around 10% of GDP, but more importantly, last year we spent about 67% more than we brought in as receipts. It is entirely meaningless to compare a private companies expenses to gross sales instead of income, yet that is the quality of government financial reporting, always biased to obscure the problem.
US Deficit Spending: US Going Same Route as Greece, Portugal: Economist – CNBC: www.cnbc.com/id/42452207