ISSUED IN SECRECY TO A SELECT FEW, AMERICA’S ANNUAL FINANCIAL REPORT EXPOSES SHOCKING STATE OF USA’S FINANCES: CONGRESSMAN JIM COOPER (D-TN) BRINGS FORTH OFFICIAL
Although federal law compels the U.S. Treasury to publish the “official” annual report for the United States, it is clear they do not want you to read it. That is why the 2005 report was released during the Christmas holiday, without any press conference and distributed to only a handful of top government officials. There was no media coverage. In fact, very few people in government even know it exists, much less what is in it.
Now, Tennessee Congressman Jim Cooper, Policy Co-Chair of the financially conservative Blue Dog Democrats who also serves on the Congressional Budget Committee, is bringing the FINANCIAL REPORT OF THE UNITED STATES to the public this August in book form.
FINANCIAL REPORT OF THE UNITED STATES is the “true” annual report of our country, using the same accounting methods familiar to the shareholders of all stock exchange companies. Within its pages are staggering facts and figures, along with a Foreword by Congressman Cooper written in plain language for anyone to understand. He issues a stern warning: the report “flatly contradicts most of the speeches that Washington politicians make”. Some of the most surprising findings of the report include:
*The true deficit was $760 billion, not the $318.5 billion that is usually reported-- a whopping $441.5 billion difference. It is also not 2.6% of Gross Domestic Product and shrinking, as we are frequently told, but 6.2% and growing rapidly.
*Your share of the national debit is $375,000. This has more than doubled during the five years of the Bush Administration.
*America’s debts and commitments total $49 trillion, and NOT the $8.3 trillion as commonly reported. And, they have doubled in the last five years.
*The 2003 Medicare drug bill alone added over $8 trillion in unfunded commitments to American taxpayers.
*The news is much worse if you count the unfunded commitments of Social Security and Medicare.
*America’s top auditor is unable to give an opinion about our nation’s finances due to, in his words, “material weaknesses” and America’s “broken business model”.
*Our government paid $327 billion in interest in 2005 just to carry the debts we already have, without making any effort to reduce them. This was money that could not be spent on schools, parks, roads, or homeland security because it had to satisfy our creditors.
*During the last five years, President Bush has borrowed more money abroad than all previous American presidents combined.
It is important to note that the material in FINANCIAL REPORT OF THE UNITED STATES is not a partisan attack; this is the actual official document of the government issued by the Bush Administration itself.
The report is also NOT the President’s Budget that we hear so much about. Says Congressman Cooper, “According to the President’s Budget, every man, woman and child in America is already obligated to pay $28,000, that is, if we ever plan to reduce the national debt. But it’s really much worse than that. The Financial Report indicates that each citizen ‘owes’ $156,000. For every working American, the total is a whopping $375,000. It’s no wonder the Bush Administration does not want you to read this!”
FINANCIAL REPORT OF THE UNITED STATES is the only book that uses modern accounting to give you the answers to your questions about America’s financial position.
“Every businessman and woman in America knows the importance of keeping honest books. If they budgeted the way the U.S. Government does, they’d be in jail,” says Congressman Cooper.
