Home (Post) Mobile Authors Say Anything Register Login

Monday, December 17, 2007

Bush Admin Admits Poor Accounting Practices

Accural method would show higher deficit

WASHINGTON - The federal budget deficit would have been 69 percent higher than the $162.8 billion reported two months ago if the government had used the same accounting methods as private companies, the Bush administration reported Monday.

The administration, releasing the “Financial Report of the United States Government” for 2007, said that the deficit under the accrual method of accounting would have totaled $275.5 billion for the fiscal year ending Sept. 30.

Enron did not invent Enron-Accounting.

The Federal Government did.

Comments

The federal budget deficit would have been 69 percent higher than the $162.8 billion reported two months ago if the government had used the same accounting methods as private companies, the Bush administration reported Monday.

That should read that the federal government REQUIRES of private companies. Which is makes the whole situation even more absurd.  The federal governement forces companies to follow a set of accounting practices that they themselves do not.


"All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit and circulation.”
- John Adams

Troy_Pineri on December 17, 2007 at 01:07 pm

Troy,

Its worse than that!  FASB, SarBox, the SEC, and the IRS all require companies to account for their unfunded liabilities, something the federal government has not done since 1968 when LBJ and a Democrat Congress instituted “unified” budgeting thus capturing federal trust fund revenues but not the downstream liabilities those revenues were meant to fund.

Enron, at its worst, was doing nothing that the federal government hasn’t been doing for the past 40 years.


“Poverty of goods is easily cured; poverty of the mind is irreparable.”

Bat One on December 17, 2007 at 02:11 pm

I’m all for holding the govt fiscally responsible in all ways, not just the accounting.


"Give the lefties a pile of money, and they’ll spend it buying votes.” - Rush Limbaugh on the “bailout”.

robert108 on December 18, 2007 at 10:12 am
Page 1 of 1        

Post a Comment


Before commenting, please recite:

Grant me the serenity to ignore the trolls,
the courage to debate with honest opponents,
and the wisdom to know the difference.

Name   
Email   
URL   
Human?
  
 

Upload Image    

Remember my personal information

Notify me of follow-up comments?

Note: Notifications will only be sent to confirmed email addresses. Confirm your email address here.

    

By submitting your comment you agree to our terms of service.