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Podcast: PRay TeLL, Dr. Hash
Episode: 296 Government Accounting Realities
Description: Government has its own accounting rules that don't include pensions & other future obligations among their liabilities. Their illogic goes: legislators can always vote not to pay the benefits, therefore those debts don't really exist. That concept is factually true but it does mislead rational people into drawing the wrong conclusions about our nation's sustainability. There's also the salient fact that accounting is NOT economics. Accounting is making the assets equal the liabilities, while the goal of economics is to increase productivity to the point where people only have to work enough to maintain a Work Ethic, using the rest...