Monday, August 14, 2006

Media ferrets out real news (Part 2)

Delayed credit to USA Today for telling its readers that if Uncle Sam used the accounting practices that private businesses use, the federal deficit would be more than twice the figure typically quoted. And if it included Social Security and Medicare liabilities, it would be ten times the figure typically quoted.

Granted for some of us, this isn't news. But it's good to see it out there. Now if my profession would pick up on how Uncle Sam doctors the inflation, unemployment, and GDP numbers as well. (Actually, The Wall Street Journal did pick up last year on one of the distortions in the inflation numbers, only to imply the truth-tellers are cranks.)

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