Your owners reported a $1 trillion deficit last year. Using Generally Accepted Accounting Principles to measure our deficit shows a $6.6 trillion deficit. Every company in the country is required to use GAAP to measure their financial results. You now know why your owners don’t want to follow those rules.
“The 2012 fiscal condition of the United States suffered its worst annual deterioration in the history of the Republic. Based on generally accepted accounting principles (GAAP-based accounting), the actual federal deficit hit a record $6.6 trillion in the year ended September 30, 2012, a level that was fully 42% of the nation’s annual GDP.”
