Keeping The Books Secret
David Broder in WaPo discussing the buried official financial report of the US Government –
LACK OF TRANSPARENCY –
The Treasury Department, which compiled it, did not even put out a news release announcing its existence. Cooper said the total press run was 1,000 copies…You might think that the subject matter is as sensitive as the National Intelligence Estimate…
Whereas the budget deficit for fiscal 2005 was officially given as $319 billion, “the government’s accrual-based net operating cost . . . was $760 billion in 2005.”
IRRESPONSIBILITY –
The U.S. government has been running up bills — notably the promises of pensions and health-care benefits for military veterans and millions of other retirees — without putting the obligations on the books.
…the $760 billion accrual deficit “amounts to $156,000 of debt for every man, woman and child in America. For a family, it’s like having a $750,000 mortgage — and no house.”
The entire system is set up to unravel. Spending is up, taxes are down, globalization is up, resiliency is down, terrorism is up, security is down. Ineffective spending is up, saving is down. The list goes on.
-Shlok
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