Federal Government Accounting Practices

What would happen if our federal government was held to the same accounting standard as American corporations?

According to this USA Today article, we’d be in much deeper trouble than we realize.

The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows.
The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.

Scary stuff.

--------------------------------------------------
Link to the original post:
http://thephantomrepublican.blogspot.com/2007/06/federal-government-accounting-practices.html