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
Just a quick note.
Neil Wilson links to the 2011 document. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/221560/whole_of_government_accounts_31-03-2011.pdf
Your link is to the 2013 one.
The last but one sentence of Neil’s analysis is a doozy –
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
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?