Available Now! (click cover)

America's Counter-Revolution
The Constitution Revisited

From the back cover:

This book challenges the assumption that the Constitution was a landmark in the struggle for liberty. Instead, Sheldon Richman argues, it was the product of a counter-revolution, a setback for the radicalism represented by America’s break with the British empire. Drawing on careful, credible historical scholarship and contemporary political analysis, Richman suggests that this counter-revolution was the work of conservatives who sought a nation of “power, consequence, and grandeur.” America’s Counter-Revolution makes a persuasive case that the Constitution was a victory not for liberty but for the agendas and interests of a militaristic, aristocratic, privilege-seeking ruling class.

Friday, August 20, 2010

Understating the Deficit

The Associated Press reports that the current fiscal year’s federal budget deficit will fall short of a record, coming in at over $1.3 trillion, but below last year's record $1.4 trillion, when the year ends September 30. But something is wrong with the AP’s information.

The U.S. Treasury says the national debt at the end of last fiscal year was $11.9 trillion and a year earlier was $10.02 trillion. Let's do the math: 11.9 - 10.02 = 1.88. That means last year's deficit was $1.88 trillion, not $1.4 trillion.

Did the AP get its incorrect number from the Office of Management and Budget?

HT: Ken Sturzenacker


Beach Bum said...

Hate to say it but I'm a fairly informed person, as compared to many I know, but I have long since been overwhelmed by that stuff.

Great blog, just surfing around and found it.

Sheldon Richman said...

I'm assuming that the national debt goes up year to year by the amount of the budget deficit. The Treasury has to borrow to make up the deficit.