Obama was elected in November 2008. At that time, the federal government was operating under the 2009 fiscal year budget. An analysis of the budget called the 2008 Financial Report of the United States Government was given to Congress and the public on December 15,  2008.

These are the things revealed in the Financial Report that weren’t given in the budget.

  • VA costs increased 588%. The understatement of veteran’s benefits and retirement plans was $459 billion dollars in 2008. The gap, $459 billion dollars, was not added to the budget. It was only added to the budget analysis, when Bush et al were leaving office. Few Republicans complained about this Enron type of accounting method. Roughly $358 billion in VA benefits were under reported in 2004-2007 then lumped into the budget in 2008 just as Bush et al left office. Enron and Kenneth Lay would be proud.
  • The DoD expenses, $767.6 billion, added to VA costs, $434.6, totals $1.2 trillion dollars of government spending. When debt service is added, $241 billion, these three items are $1.443 trillion dollars.
  • The operating loss of the federal government increased 266% over 2007.
  • The government gave $300 billion to the Federal Reserve system for stabilization of the finance sectors. This doesn’t show on the budget and perhaps not even in the analysis. Here’s the language to decipher. “The vast majority of Fed actions and transactions will not directly impact the Government’s financial statements since the Fed is an independent entity and, while part of the Government, is not considered part of the Federal Government reporting entity. To date, the Government’s exposure is largely limited to any impact that losses from these programs may have on excess profits that the Fed is required to pass on to the Treasury’s General fund.” The “FED” paid the government $33 billion in 2008 in excess earnings.

That’s a lot of new information for most of us. We can sum it up like this. Bush wrote budgets that didn’t reflect the real costs of the wars. The wars will cost another $2 trillion in VA expenses that were hidden by Bush. All the hidden costs of wars and deceit will be passed on to us and Obama.

Let’s hope Obama is honest about his budgets.