Thread: Is governmental debt all smoke and mirrors?

From the CAFR link:
"Local governments promote the 'Budget' each year but hold back disclosure of their actual annual financial report..."

I was under the impression that a CAFR was a publicly available document, available upon request, and was not, "held back." I know it's publicly available in my state for my state government, because I've seen it. I'm not sure about county or city, but I assume if I requested a copy I could get one, then again perhaps I'm mistaken. I've never tried.

Originally Posted by CrocketsGhost

What if I told you that taxation was a control mechanism, not a necessary source of operating revenue?

That's very similar to what my Taxation Law class professor told the class on the first day we met. He seemed to enjoy shocking the students. He said something along the lines that the primary purpose of the US income tax is not to raise revenue for the Federal government, but to facilitate certain social goals. I don't remember his exact words, but the idea has stuck with me all this time.

Originally Posted by patbrunz

From the CAFR link:
"Local governments promote the 'Budget' each year but hold back disclosure of their actual annual financial report..."

I was under the impression that a CAFR was a publicly available document, available upon request, and was not, "held back." I know it's publicly available in my state for my state government, because I've seen it. I'm not sure about county or city, but I assume if I requested a copy I could get one, then again perhaps I'm mistaken. I've never tried.

They were at one time available IF you knew what to ask for. It's not as if the various branches of government were promoting the fact of the existence of the CAFRs. My understanding is that the federal government and other branches have now begun dragging their feet on providing them or in some cases simply not providing them at all without the application of legal pressure.

About a year ago, I first learned about the issue of illegal immigration. I watched the Senate Hearings, and day after day, had emotions of "mad, unbelief, heartfelt sadness," at what I was hearing and learning. How could this be? Why would our Senators, Representatives do this betrayal to America and her citizens. I started reading, educating myself, then calling, then finding sites like this to learn more (namely the truth).

It was through "Fresh Eyes," I was listening to what has been a growing sewer of garbage over the past twenty plus years that these people are in up past their eyeballs, totally losing the sight of what they should be doing.

So, to this topic, nothing surprises me, and here we are back to hidden secrets, including the NAU, SPP, and other backroom deals.

The law is turned upside down on many issues. Not enough of those forensic types shining bright light.

I guess there are still times we are just speechless.

Originally Posted by CrocketsGhost

So no one gets worked up about tens of trillions of dollars being stashed by our "benificent" government even as it complains that it doesn't have the revenues to take care of pressing issues?No one has a comment about the linked site or the information it contains? No one has any questions?

Incredible.

CG- I have a comment. Yes, I am angry about our crooked government "stashing away" money. But I don't understand it all.
I have heard that there are 2 sets of books. One to show the public, and the other it keeps to itself. I have heard rumors that Social Security isn't counted into the debt. There are also rumors that we are in such a "hole" with China, that if they decided to call us on alll our debts, every American would owe thousands and thousands of dollars, but not the government.
I'm sorry but that's about as much as I have to offer. I am counting on "SMART" people like you, to help me understand.

Well, as I mentioned earlier, there is a sound theory that the "two sets of books" reflect the fact that the federal entity has been transferred into private ownership as a revenue-generating entity by its former creditors. One set of books reflects the revenues left available for the governance of the United States; the other set reflects the "profits" being taken by the creditors. I'll let you guess which set includes the lion's share of the revenues. The theory posits that the unresolved federal bankruptcy of 1930 was eventually defaulted, thereby resulting in the involuntary transfer of all federal assets to creditor banks. If that's the case, the default likely occurred in 1997. The stashing of taxpayer revenues in easily transferred funds certainly began much earlier than that, however, with the first of the major superfunds being created back in the 1970s, particularly under the inglorious leadership of the Carter administration.

Ok Crocket, if I wanted to request a copy of the county or state CAFR, who would I request it from, the Sec. of State?

I gather if they refuse to provide it I could file a FOIA for it, right?

Does each little tentacle of the Federal beast have their own, and would it take a Congressional subpoena to get them?

I'm guessing that if enough people start asking the right questions we might be able to DO something about this.

Originally Posted by PinestrawGuys

Ok Crocket, if I wanted to request a copy of the county or state CAFR, who would I request it from, the Sec. of State?

I gather if they refuse to provide it I could file a FOIA for it, right?

Does each little tentacle of the Federal beast have their own, and would it take a Congressional subpoena to get them?

I'm guessing that if enough people start asking the right questions we might be able to DO something about this.

At the federal level, you used to be able to get the CAFR from the GAO. Burien provides links for most of the state CAFRs at this address and .pdf files at this one.

Bump