Real 2012 US deficit was $6.9 Trillion!

...but you won't find this reported anywhere in the press. Eric Sprott has divulged this tsunami of total expenditures and obligations...

MissionMiningCo: On Jan 17th, the Dept of Treasury released their GAAP budget deficit , and it was $6.9 TRILLION. That’s the change in present value of true obligations in ONE YEAR plus the cash deficit- total deficit $6.9 TRILLION! This is in a $16 trillion economy where politicians fight over $100 billion in spending cuts when the deficit is $6.9 T!

What I find most interesting about that number? You will not see it reported ANYWHERE in the public press!

You would think that would be something that would be deserving of some comment, but if you Google GAAP budget deficit 2012 you will not find it in any public news release, even though it was released by the Department of the Treasury. We’re just ignoring the biggest elephant in the room here, and that’s the way they want to work it- more disinformation.

You'll excuse me if I'm just not surprised by the MSM's negligence anymore. I'm certain most of you share the sentiment.

GodLikeProductions says, "Eric Sprott and others are among the few voices reporting how bad things really are. $6.9 trillion deficit in a (reported) $16 trillion GDP (which may be MUCH lower than than in reality)." They also ask why more Americans are shouting from the rooftops, "I'm as mad as hell and I'm not going to take this anymore!" Indeed.

Based on generally-accepted-accounting principles—or GAAP-based accounting—the 2012 consolidated financial statements of the United States Government showed a $6.9 trillion deficit for fiscal 2012, up from $4.6 trillion in 2011. The latest detail showed the uncontainable and uncontrollable actual federal budget deficit to be deteriorating rapidly. The GAAP-based statements were published by the U.S. Treasury January 17th.

Based on tentative calculations from numbers in the report, total U.S. government obligations—including the NPV of the unfunded-liabilities of social programs—is around $88 trillion, or nearly six-times annual U.S. GDP.

If Washington can't understand that this is THE reason to cut spending now, then we're doomed. Republicans should consider the previous post and defund Obamacare now as a start.

Additional link: SilverDoctors