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Our government’s goal should be to bring in revenues of 18.5 percent of G.D.P. and spend about 21 percent of G.D.P....As the math makes clear, this won’t stem our budget deficits; in fact, it will continue them. But assuming even conservative projections about inflation and economic growth, this ratio of revenue to spending will keep America’s debt stable in relation to the country’s economic output.

I wonder why the brilliant Buffett doesn't comment about honest accounting for the government...accounting that most effectively communicates the financial realities (isn't that the whole point of accounting?).

This idea of spending "about 21 percent of GDP" would be great if the government accounted its unfunded liabilities (Medicare, Social Security, government workers' pensions, etc.) the way businesses do. But if they did that, then everyone would see the absurdity of our current situation, and even Buffett and Obama wouldn't be able to hide behind the "tax the rich" charade. I am not an accountant, but I have read multiple sources which state that our current deficits would be roughly 4X greater if the accounting reflected entitlement realities.
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