Accounting Government Style

For many decades this has been a serious problem (though some important reforms were adopted when the Republicans took over in 1995), but if the Republicans can finally get this reform through, it will have a major impact.

The set the government doesn't talk about is the audited financial statement produced by the government's accountants following standard accounting rules. It reports a more ominous financial picture: a $760 billion deficit for 2005. If Social Security and Medicare were included — as the board that sets accounting rules is considering — the federal deficit would have been $3.5 trillion.

Congress has written its own accounting rules — which would be illegal for a corporation to use because they ignore important costs such as the growing expense of retirement benefits for civil servants and military personnel. . . . . A growing number of Congress members and accounting experts say it's time for Congress to start using the audited financial statement when it makes budget decisions.


Blogger saturdaynightspecial said...

I have to avoid 'gloom and doom' but the next financial hardship heaped on us comes from big government using their best tactic - denial - to get votes. Bush practices denial better than the best of the best. Money grows on trees.

But how about the gloom and doom in Iraq where civil war and factionalism began shortly after we invaded, but has been covered-up so well by denial experts and the newsmedia; the costs to Americans soars in the $billions to the detriment of thousands of govenment workers, many of whom have supported the crusade into hell's nest. No amount of Enron type accounting and auditing cover-up will hide this political blunder - only mass denial. For the Ivy league educated Bush (genius and financial whiz kid) money does grow on trees, just ask him. And yes, he was warned repeatedly not to invade Iraq.

Let the cover-up renew, both financial and intelligence. Long live the King!

8/04/2006 5:49 AM  

Post a Comment

Links to this post:

Create a Link

<< Home