More on Consolidating or Not

By Scott Fullwiler

As Randy’s recent post on consolidating vs. not explained, a number of critics argue that consolidation doesn’t “really” happen.  Of course, that’s not the point MMT is making, as we’ve noted numerous times, including Randy’s post. Regardless, though, there are real-world governments that do publish consolidated reports.

The UK posted its report here

Neil Wilson has reviewed it for those that don’t want to read through the whole thing here.

Hat tips both to Neil Wilson and Economonitor commenter acornus

3 Responses to More on Consolidating or Not

  1. Clonal Antibody

    The last but one sentence of Neil’s analysis is a doozy –

    In addition the Consolidated Statement of Financial Position (pp94) contains the term “Financed by Taxpayers’ Equity”. Which is exactly correct. The net savings of the non-government sector is indeed Taxpayer

    In other words, the “National Debt” should instead be called “Taxpayer equity”. This is exactly what Congressman Pete Stark said in his interview quite a few years ago – Pete Stark Blows Up Over National Debt

  2. From a financial accounting perspective (CA, CPA), I have never understood the reluctance of those that should and do know better, to accept reality?

    The arguments that are presented by the same group regarding “National Debt” et al are without a basis in reality, yet for whatever reasons they have merit …. in the main stream media?