Charles Skelley: GAO “wake up” tour says US Federal Government should stop hiding $3 trillion annual deficits

This post contains a hard-hitting video which was originally aired by a respected TV show, 60 Minutes, about some serious findings of the GAO (the impartial Government Accountability Office, which is assigned to watch over the Federal Government on behalf of “we the people”). The GAO has declared that the Federal Government is virtually insolvent, and that Congress is “cooking the books” of the Federal Government — to hide the detail that Federal liabilities are increasing by $3 trillion every year. The GAO says the Federal Government will not grow its way put of its current problems, if current policies remain in place.

The US sincerely needs its next President to campaign with a clear vision of how to fix these problems which have been publicized by the GAO. Media reporters should be asking all 48 of Arizona’s Presidential candidates in 2008 to outline the specific steps which will actually work to restore fiscal responsibility to the Federal Government.

Income Tax cuts have been tried before, and are inadequate to deal with the current US problems.

So far, I am the Presidential candidate who has presented the clearest program (and most specific program) for saving the US from total financial collapse. I will apply the economic principles of the Adam Smith. I will put better tools (= working capital) directly into the hands of the people whom Adam Smith defined as Productive workers.

Government data indicates that the US needs to increase its output of products by at least 7% of GNP, to neutralize the current Trade Deficit. To offset half of today’s Trade Deficit, my plan begins with an initial 5% increase in the total amount of US “tools” (= tangible Book Value of corporate Working Capital). Thus I will start my Presidency by asking Congress to immediately create $300 billion of new tangible equity in US corporations. Obviously, more corporate working capital may be needed at a later date.

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