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 three and a half to four and a half trillion dollars. trillion dollars because we're not expensing those liabilities. And there has been more studies done that have shown that within by 2021, 2022, it overwhelms and crushes everything. (48:27–48:39)
CLAIM
Asserts that the real U.S. deficits are between $3.5 to $4.5 trillion, not the reported $1.3 trillion.
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.
