Council of Economic Advisors Declare Federal Government Bankrupt
It seems their political masters wanted the CEA to say the Social Security Trust Fund will soon be bankrupt so they write:
A Small Business Analogy: Consider a small business that has $750,000 in annual revenue and $1 million in annual costs, for a $250,000 annual loss. Obviously, that business would be able to stay open only as long as it has enough money in the bank to cover its losses. Once the money runs out, the business will be bankrupt. The business won’t necessarily disappear, but to stay open it would have to restructure so that its revenues at least cover its costs.
It would seem the Social Security Trust Fund won’t disappear in 2052 either, but by this definition, Bush’s 2001 tax cut caused the Federal government to be bankrupt a few years back.