Rules 'hiding' trillions in debt

The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows.

1.3 trillion! With a "T"! Pay attention people!

The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.

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Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.

Rich people should not be allowed to run governments because they have no understanding of fiscal responsibility (they've never had to). They've rarely, if ever, had to save money because generally speaking they've always had it or they have forgotten what it's like to not have it.

Here's more.