The U.S. national debt could be calculated differently
By Hicbd
Sun Jul 10 2022 10:31 am
"The Inform Act is a bipartisan bill, which I largely drafted and which has been endorsed by thousands of economists, including 20 U.S. economics Nobel Laureates. It would require the Congressional Budget Office, the General Accountability Office, and the Office of Management and Budget to do fiscal gap and generational accounting annually and for all major fiscal reforms proposed by Congress. Fiscal gap accounting puts all of the country’s obligations, including all its off-the-books obligations, on the books and compares them with the country’s projected tax and other receipts. It would bring an effective end to deficit accounting, which has no basis in economic theory. Instead, what we measure as our government’s deficit and, associated debt, is solely a figment of how we label government receipts and outlays, i.e., of the government’s choice of fiscal language, not its fundamentals."
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