Tuesday, May 29, 2007

Taxpayers on the hook for $59 trillion

"The federal government recorded a $1.3
trillion loss last year — far more than the official $248 billion
deficit — when corporate-style accounting standards are used, a USA
TODAY analysis shows.

The loss reflects a continued deterioration in
the finances of Social Security and government retirement programs for
civil servants and military personnel. The loss — equal to $11,434 per
household — is more than Americans paid in income taxes in 2006.

"We're on an unsustainable path and doing a
great disservice to future generations," says Chris Chocola, a former
Republican member of Congress from Indiana and corporate chief
executive who is pushing for more accurate federal accounting."

Taxpayers on the hook for $59 trillion - USATODAY.com

There are rules for us, then there are rules for the government. They fine and jail corporations for improper accounting, but have not been able to properly audit their books in decades.

Powered by ScribeFire.

No comments: