June 2011
4 posts
Washington Post: "President Obama’s Phony...
I thought I was done with posts about politicians’ difficulty with numbers for one day… And then I see Washington Post’s fact checker chimes in with this headline: President Obama’s phony accounting on the auto industry bailout. Desperation setting in?
We take no view on whether the administration’s efforts on behalf of the automobile industry were a good or bad thing; that’s a...
Total Unfunded Federal Obligations: $61.6 Trillion
USA Today looks past the oft used current debt figure ($14 trillion) to look at the complete picture including all unfunded federal liabilities: What it found is not pretty.
Corporations would be required to count these new liabilities when they are taken on — and report a big loss to shareholders. Unlike businesses, however, Congress postpones recording spending commitments until it writes a...
CBO: True cost of Fannie/Freddie bailout more than...
A new Congressional Budget Office report says taxpayers are on the hook for Fannie Mae and Freddie Mac at over twice the amount the Obama administration claims. The Obama administration counts only the $130 billion in cash paid to bail out the two government sponsored enterprises (GSE’s) while ignoring “the cost of the federal government guaranteeing the loans bought and securitized by...
