Saturday, December 22, 2007

What do you mean you don't know?

A big news story that nobody will cover: For the 11th year in a row (about the time Clinton started balancing the budget) the US Government Accountability Office (GAO) cannot offer an opinion on the financial status of the government. Essentially that means the gov't financial records are such a mess that there is no way to tell exactly what is happening to the government's money. There are three sources of problems: (1) Department of Defense, (2) money shared between agencies, (3) inability to create consolidated financial statements. One thing that is clear is the government debt has gone up by $32 trillion (yep, with a "t"), or 150%, since Bush took office. Those that were all over Clinton's case on fiscal responsibility have been silent since Bush took office. Your individual share of the total $52 trillion debt is: $175,000.


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