Wed, 10/07/2020 – 16:40
Did you spot it?
If not, add across the individual monthly totals and what you should get is full fiscal year total of $517,640,843,766.42. Instead, the stated number is some 30% lower, or $368,102,426,277.71, which would have been appropriate 15 years ago, but certainly not now.
We have asked the Treasury whether this kind of “non-GAAP” math is used elsewhere, like for example in calculating the total amount of US debt, which is now a record $27.05 trillion having surpassed $26 trillion on Oct 1, but if the US authority which literally prints money can’t afford calculators, we wouldn’t hold out too much hope for computers or other email-enabled devices.
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Author: Tyler Durden