by Bruce Webb
2008 Financial Report of the United States Government (Report) provides the President, Congress, and the American people a comprehensive view of the Federal Government’s finances, i.e., its financial position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. The Report also discusses important financial issues and significant conditions that may affect future operations. This year’s Report gives particular emphasis to two key issues: The Government’s response in recent months to the financial market crisis, and the Government’s capacity to sustain the funding and pay the benefits of key social insurance programs, such as Social Security and Medicare.
Andrew Biggs once again tips us off to the release of valuable new Reports at his blog Notes on Social Security Reform. As it turns out the link was a little off, but anyone interested in Social Security owes it to themselves to read what Andrew has to say on the topic, if only to get a corrective to what you get here from me and Dale Coberly.
I have yet to read the Report and at this point in the evening am not likely too, still less comment on it. But here you have the GAOs 194 pg statement on the financial health of the United States including but not limited to Social Security/Medicare. Among other things it helps to understand some of the terminology used in budget discussions. In short this document gives you the economic world as the Bush Administration would have you see it. I present it to you unfiltered.
See you in comments.