The disappearance of beloved school cafeteria staples like Sloppy Joes and Tater Tots is leaving students across the nation wondering: where have they gone?
According to reports, Michelle Obama believes these meals are not nutritious enough for today’s children. As First Lady, she expressed concerns about childhood obesity and took it upon herself to influence what children eat at school, dictating both meal content and portion sizes.
Unsurprisingly, students in rural Kentucky have voiced their discontent, claiming that the food provided under Michelle Obama’s National School Lunch Program “tastes like vomit.” The poor quality and insufficient portion sizes have only added to their frustration.
The federal government has surprisingly taken control of what school children consume and the size of their meals across numerous American school districts. There are even strict calorie limits that schools must follow: 850 calories for high school lunches, 700 for middle schools, and just 650 for elementary schools.
While educational institutions must adhere to Michelle Obama’s nutritional standards, it seems that President Barack Obama’s key financial advisor—Treasury Secretary Jack Lew—has found a clever method to circumvent the country’s debt ceiling. Seriously.
Jack Lew’s Debt Cap Fandango
Initially, Lew managed to keep the U.S. government’s debt static at $16,699,396,000,000 for the past three months, just below the borrowing limit. Remarkably, the Treasury continued to incur monthly deficits without increasing the overall debt.
CNSNews.com outlines the details:
“The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, reported a $98 billion deficit for July, yet the country’s debt remained precisely at $16,699,396,000,000 for the entire month.
“The FMS noted that the deficit increased by $98 billion ($97,594,000,000) in the Monthly Treasury Statement for July, released on August 12.
“Simultaneously, the FMS stated that the debt remained constant at $16,699,396,000,000 in its Daily Treasury Statements published on business days. These Daily Treasury Statements document the federal government debt in accordance with a legal limit set by Congress.
“While the reported debt hovered at exactly $16,699,396,000,000 throughout July, it stayed just $25 million below the legal limit of $16,699,421,000,000 established by a law signed by President Obama.
“If Treasury’s daily reports indicated that the government borrowed an additional net $98 billion to cover the reported deficit for July, it would mean the government had surpassed the legal debt ceiling, effectively admitting to breaching the law by continuing to incur additional debts.
“Instead, despite the $98 billion deficit, all 22 Daily Treasury Statements published in July reported the debt at a static $16,699,396,000,000.”
“The Daily Treasury Statement for August 12, released shortly after, noted that the debt remained at $16,699,396,000,000 during the initial 12 days of that month as well.
Extreme Treasury Corruption
“On May 17, the day the Treasury first reported the debt at exactly $16,699,396,000,000, just $25 million below the legal limit, Treasury Secretary Lew sent a letter to House Speaker John Boehner to inform him of the initiation of what he termed “the standard set of extraordinary measures” to prevent the Treasury from exceeding the federal debt limit.
“Since Lew’s announcement of these “extraordinary measures,” the debt has inexplicably remained fixed at $16,699,396,000,000 for 87 consecutive days.
“This includes every one of the 31 days in July when Lew’s Treasury indicated it was incurring a $98 billion deficit.”
As reported on August 14, the national debt has not risen since then. The Daily Treasury Statement for August 28 continues to display the debt as $16,699,396,000,000. Despite ongoing deficit spending, the published debt hasn’t changed for 104 days.
Running a deficit typically necessitates borrowing to fill the gap. However, how can the Treasury borrow funds without increasing the debt?
Simply put, they can’t.
“Extraordinary measures” can’t bypass this reality. Jack Lew can’t work miracles. Every dollar borrowed must be recorded as debt.
Clearly, Lew isn’t adhering to accepted accounting practices. If a CFO managed a corporation’s finances in this manner, it would lead to accusations of accounting fraud and falsifying financial statements. Yet, Lew operates in full view, seemingly without repercussions…neither the stock and bond markets, nor Congress, nor the mainstream media show any concern.
The extent of Treasury corruption is perplexing. While it may no longer shock us, it remains a source of frustration and anger.
Sincerely,
MN Gordon
for Economic Prism
