====== FOR IMMEDIATE RELEASE ======
America First Party
1630 A 30th Street #111
Boulder, Colorado 80301
Monday, April 16, 2007
Tax Shortfall: Entire Planet's Income Needed to Pay Federal Debt!
Boulder, CO - With tax day approaching, the America First Party calls attention to the enormous magnitude of the federal government's liabilities, and its deception regarding them. Most citizens are unaware of the scope of the debt, which is largely unreported in the media. However, the points that we make are certified by the Treasury Department's annual Financial Report of the United States -- a report of which few, even in government, have heard.
The typically reported $8.6 trillion federal debt number is based on cash accounting only, and is an understatement of the true debt. The debt is about 6 times larger, when all the federal government's liabilities under its pension and benefit programs are included. As the U.S. Comptroller General has stated, a complete analysis of all the government's operations shows an overall liability of approximately $50 trillion -- about $224,000 for every worker, and equal to almost all the annual private income on the entire planet.
In past years, the Administration downplayed its critically important Financial Report by printing few copies and by not alerting media and government leaders of its publication with a press release or press conference. Although the Administration has now changed that policy, it still chooses to issue the report at a time when it is most likely to be overlooked -- on December 15th (before the Christmas holiday) -- well before the statutory deadline of March 31st.
We invite you to read a more detailed discussion of these issues here.
National Press Secretary JC Schweingrouber stated, "Our nation's spending policies are unsustainable, and impose an unjust burden on the families and workers of America. The level of mismanagement that they represent mirrors the corruption endemic on Capital Hill, which typically puts special interests before our nation's best interests. Continuing down this road would be catastrophic. The only sane response is to elect people who will put America First."
Jonathan Hill, National Chairman, 1-866-SOS-USA1, ext. 4
John Schweingrouber, Press Secretary, 1-866-SOS-USA1, ext. 2