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Pentagon racks up $35 trillion in accounting adjustments in one year
Key Excerpts from Article on Website of Boston Globe
Posted: July 19th, 2021
https://www.bostonglobe.com/news/nation/2020/01/22/pentagon-...
The Pentagon made $35 trillion in accounting adjustments last year alone – a total that's larger than the entire US economy and underscores the Defense Department's continuing difficulty in balancing its books. The latest estimate is up from $30.7 trillion in 2018 and $29 trillion in 2017, the first year adjustments were tracked in a concerted way. The figure dwarfs the $738 billion of defense-related funding in the latest US budget. The Defense Department acknowledged that it failed its first-ever audit in 2018 and then again last year. Auditors ... flagged a laundry list of problems, including accounting adjustments. There were 546,433 adjustments in fiscal 2017 and 562,568 in 2018, according to figures provided by Representative Jackie Speier, who asked the Government Accountability Office to investigate. The watchdog agency will report on the subject ... after reviewing more than 200,000 fourth-quarter 2018 adjustments totaling $15 trillion. The "combined errors, shorthand, and sloppy record-keeping by DoD accountants do add up to a number nearly 1.5 times the size of the US economy," said Speier. The report shows the Pentagon "employs accounting adjustments like a contractor paints over mold. Their priority is making the situation look manageable, not solving the underlying problem." The GAO estimated based on a sample that at least 96 percent of 181,947 automatic adjustments made in the fourth quarter of fiscal 2018 "didn't have adequate supporting documentation."
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