April 15: Time to Pay on the Most Expensive Credit Card in the World
By now you probably filed your tax return for 2013 and made your final payment on the balance due. What you probably didn't realize, however, is that you only paid the current balance. That may not surprise you, because the U.S. government does not bill you for any part of the annual deficit or accumulated national debt. It leaves that for your children and grandchildren. How does government get away with it? It doesn't bill you for the real cost of government now, thereby pu
Is the US 'too big to fail'?
Government Sponsored Enterprises (GSEs) are costing us hundreds of billions of dollars every year. That’s the bad news. But, the really bad news is the average citizen has no way of knowing the exact costs of operating these entities and the government obligations incurred to cover their perennial deficits. The problem is twofold. First, the contractual commitments of GSEs are not currently recognized as liabilities in the annual financial statements of the U.S. government
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