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Podcast: The American Enterprise Manifesto: My America's Vision of Peace and Nonviolence for Humanism
Episode: DEBT LIMIT IS NO LIMIT AT ALL (As the Swamp Gets Deeper and US Debt Limit Grossly Understates Reality) (www.usdebtclock.org Shows the Books and Budget Are Cooked by the Red and The Blue)
Description: What is the real debt limit? Â Nancy Pelosi proposes $28 trillion will be enough and McConnel acquiesces. Â In fact, it is a budgetary figure that doesn't reflect accrued liabilities for obligations created by laws passed over the last 50 years. Â Debt is defined according to generally accepted accounting principles GAAP) as assets minus liabilities equals surplus or deficits. Â For the books and reporting to the public, Congress uses a budgetary system of cash in and cash out reporting against the debt limit so our books are cooked because it doesn't reflect OBLIGATIONS INCURRED. The facts are reported on the debt clock www...