You think your checking account is in bad shape


The Comptroller General of the United States makes his report, and it is not good.

I didn't see this one until this morning, odd how that worked out. This is direct from the Comptroller of the United States.

Because of the federal government’s inability to demonstrate the reliability of significant portions of the U.S. government’s accompanying consolidated financial statements for fiscal years 2006 and 2005, principally resulting from certain material weaknesses, and other limitations on the scope of our work, described in this report, we are unable to, and we do not, express an opinion on such financial statements.

As a result of these limitations, readers are cautioned that amounts reported in the consolidated financial statements and related notes may not be reliable. These material weaknesses and other scope limitations also affect the reliability of certain information contained in the accompanying Management’s Discussion and Analysis and other financial management information—including information used to manage the government day to day and budget information reported by federal agencies—that is taken from the same data sources as the consolidated financial statements.

I picked up some finance speak in my Corporate Clone days. Basically this translates to say that the CG doesn't trust the numbers in his own report and refuses to be held accountable for them, given the lack of any practical financial control in government spending.

Granted, money is a convenient fiction anyway, but this may be taking things just a little far.

If you really want to get depressed, look at the figures.

Wonder if the new Congress will do anything about this? The usual political solution is to raise taxes, but that won't be enough. It is time to cut spending ruthlessly. If it were a company I would suggest liquidation.

Hat tip to this article at Financial Sense University via Strike the Root.

— NeoWayland

Posted: Fri - January 5, 2007 at 05:12 AM  Tag


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