We've keep coming closer and closer and closer and closer and closer to 2012, knowing we're going to bankrupt the system. Look, guys, we all know. This is another thing that I'm shocked that the press doesn't write about. Our government does not do accrual accounting, simple GAAP accounting. Every company has to do it. That is where you expense your future obligations, your liabilities. Our real deficits aren't a trillion three last year, a trillion three a year before, and a trillion six the year before. (48:17–48:22)
CLAIM
Asserts the U.S. government does not use accrual or GAAP accounting.
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