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> Bush is Hiding the True National Debt, by Rep. Jim Cooper (D-TN)


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Posted: Sep 15 2006, 08:56 PM
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Rep. Jim Cooper: Bush is Hiding the True National Debt. It's Worse than You've Heard. Much Worse.
Submitted by BuzzFlash on Thu, 09/07/2006 - 5:15am. Alerts
A BUZZFLASH NEWS ALERT
QUOTE
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
That's $156,000 for every citizen, or $375,000 for every working American

This figure has more than doubled in the past five years
We paid $327 billion last year on interest alone

The true 2005 deficit was $760 billion, not the $318.5 billion Bush reported
This is 6.2% of the GDP, not 2.6%

It's all getting worse

What accounts for the huge discrepancy? Unlike businesses, the government uses "cash" instead of "accrual" accounting. This means that the government does not report future spending promises like Medicare and Social Security, or even future spending guarantees like veterans' benefits and federal employee pensions.

"Cash accounting tells you what's in your bank account. Accrual accounting tells you what's in your bank account and what's on your credit card statement," Cooper told BuzzFlash in an interview. "Whether you're promising to buy a road or something at Target, you need to know what you promised to buy. That should be a binding obligation of the government. We've made a world of promises to folks that we need to keep."

But wait, there's more! The U.S. Financial Report does not mention that if Medicare and Social Security are factored into the equation (which the Treasury Department did not), the true deficit was actually a whopping $3.3 trillion last year, over ten times more than Bush claims. And when Social Security projections are adjusted to reflect current life expectancies instead of the old 75-year mark, Cooper said the true national debt is "probably closer to $65 trillion."

Worried that a new Democratic majority in the House would be blamed for the higher numbers in the future, Cooper has taken it upon himself to make it clear that the problem has already been created by Bush's failed economic policies. "This has to be announced on their watch, using their voice," he said. "There's a great urgency about this: we only have two months left to educate all Americans about how the Bush deficits are literally destroying America's credit."

"I think [the report] is the most powerful critique of the Bush Administration" because they produced it, Cooper added. "No Republican can deny this attack."

In order to get the word out, Cooper reprinted the entire U.S. Financial Report in a book with his own explanatory introduction and a warning on the cover reading, "The Official Report the White House Does Not Want You To Read." He said the measure was necessary because the Administration tried to hide the report by distributing it to fewer than 20 members of Congress in the midst of the Christmas holiday season with no accompanying press release or media announcement.

According to Cooper, conservatives won’t touch the issue because it would make Bush look bad, liberal newspapers think it's too confusing, and liberal politicians are worried the ensuing chaos from the higher numbers would limit social program spending. "The way we're going, we're going to have to eliminate programs," Cooper retorted. "Isn't it better to embarrass Bush while we can with his own words and to get Democrats in control?"

Cooper said he is determined to do everything he can to add honesty to the federal budget. He gave the first copy of his book to House Democrat Leader Nancy Pelosi and has introduced legislation directing the president to use accrual accounting in his reports. A similar measure was recently lost in the Senate after passing in the House.

The only compensation Cooper is receiving for the book are three complimentary copies.

Click here to order your own from Powell's Books.




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QUOTE
"Ye shall know them by their fruits"
~ Matthew 7:16

"Believe nothing. No matter where you read it, or who said it, even if I have said it, unless it agrees with your own reason and your own common sense."
~ Buddha
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Posted: Sep 15 2006, 09:03 PM
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The truth about Jim Cooper
Submitted by fishsandwich
Thu, 09/07/2006 - 12:30pm

While I applaud Jim Cooper for watching the federal budget and calling a spade a spade (as is his job as an elected representative) it doesn't excuse all the other things he's done while in Congress.

Jim Cooper is one of nine Bush Democrats identified by David Sirota who have consistently voted with the Republicans to move the Bush agenda forward.

Sirota says none of the nine should get the support of democrats because they don't vote like democrats.

Cooper voted to stay the course in Iraq, to make the Patriot Act permanent, for CAFTA, for the bankruptcy bill, for "tort reform", to give control of the Internet to the big telecoms, for the constitutional amendment banning gay marriage and for keeping gays out of the military.

The Nation magazine said that on issues of peace and prosperity, Cooper "takes the side of a White House that has consistently been at odds with both those goals."

Jim Cooper has been hiding behind the democrat label while aiding and abetting Bush. He's got a great opponent in the general election, a democrat runnning as an independent who wants people to call Cooper on his record. Check her out.

Ginny Welsch.
http://www.welschforcongress.com

We need more people like her to run because with guys like Cooper in Congress, even if we take back the house, it won't mean anything. He'll still be supporting Bush.

fishsandwich




--------------------
QUOTE
"Ye shall know them by their fruits"
~ Matthew 7:16

"Believe nothing. No matter where you read it, or who said it, even if I have said it, unless it agrees with your own reason and your own common sense."
~ Buddha
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Top

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