Federal Deficit Dwarfs Official Tally

Here’s some really scary stuff, hot off the press:

According to the May 30, 2012 National Center for Policy Analysis newsletter, the typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, according to a USA Today analysis.

• Under those accounting practices, the government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress.
• A U.S. household’s median income is $49,445, the Census reports.

Why, oh why, would anyone choose to rely on the government to pay for their long-term care?