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... They're probably 3.5 to $4.5 trillion because we're not expensing those liabilities. expensing those liabilities. And there has been more studies done that have shown that within by 2021, 2022, it overwhelms and crushes everything. But let's back up even before that. (48:27–48:41)
CLAIM
Asserts real U.S. deficits are between $3.5 to $4.5 trillion due to unaccounted liabilities.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
