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Don Levit 11/17/2008 01:47 PM
Brian: I look forward to learning more about this legislation. It is interesting that in regards to Medicare and Social Security, that the federal government does not think it is fraudulent in how the funds are accumulated, i.e., in a so-called trust fund. These funds are viewed by the federal government as any other funds it accumulates through taxes, only as current liabilities which are subject to change at the whims of Congress. Like employer-sponsored health benefits, Social Security and Medicare can be modified, terminated, or altered once a year. Therefore, the liabilities in these so-called trust funds extend for one year; there is no such thing as a long-term, or even longer-term liability. Actually, Brian, the FASAB, who is the accounting advisory board, expresses its view of federal governmental liabilities in a recently-published paper. If interested, I can provide you the link and some excerpts. The hubris and arrogance of the federal government is very telling, for it is printed in black and white.
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