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Government Accountability Office Report
Key Excerpts from Article on Website of Comptroller General of the United States
Posted: January 5th, 2007
http://fms.treas.gov/fr/06frusg/06gao2.pdf
The Secretary of the Treasury ... is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements. Certain material weaknesses in financial reporting and other limitations on the scope of our work resulted in conditions that continued to prevent us from expressing an opinion on the accompanying consolidated financial statements for the fiscal years ended September 30, 2006 and 2005. The federal government did not maintain effective internal control over financial reporting. While we are unable to express an opinion ... the following key items deserve emphasis. The U.S. governments total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nations total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000. The retirement of thebaby boom generation is [also] closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008. It seems clear that the nations current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nations large and growing long-term fiscal imbalance. Other material weaknesses were the federal governments inability to: determine the full extent to which improper payments exist; identify and resolve information security control weaknesses; and effectively manage its tax collection activities.
Note: The full 172-page report is available here. Why didn't any of the media cover this eye-opening report? Is the fact that the national debt has risen 150% since 2000 not news? For a possible answer, click here. To learn of the trillions of unaccounted for dollars in the military, click here.
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