I am stunned when people claim Obama has reduced the deficit. Apparently they do not understand the debt and the deficit are two different things. So long as the government is not in the "black", the debt will increase. I like the story cited but the problem with it has to do with standard accounting (and, maybe, the "magic" version used by the government) wherein mortgages held by financial institutions are assets until they go into default.
I am stunned when people claim Obama has reduced the deficit. Apparently they do not understand the debt and the deficit are two different things. So long as the government is not in the "black", the debt will increase. I like the story cited but the problem with it has to do with standard accounting (and, maybe, the "magic" version used by the government) wherein mortgages held by financial institutions are assets until they go into default.
ReplyDeleteYeah, I can but nod my head as well.
ReplyDelete