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Government Flunks GAO Financial Audit
The Government Accounting Office is required to audit the Federal Government's financial statements. The Comptroller General's recent testimony to Congress on this issue reads like something out of the Enron hearings. Mr. Walker's testimony speaks for itself:
"Until the problems discussed in GAO's audit report on the U.S. government's consolidated financial statements are adequately addressed, they will continue to (1) hamper the federal government's ability to reliably report a significant portion of its assets, liabilities, costs, and other information; (2) affect the federal government's ability to reliably measure the full cost as well as the financial and nonfinancial performance of certain programs; (3) impair the federal government's ability to adequately safeguard significant assets and properly record various transactions; and (4) prevent the federal government from having reliable financial information to operate in an economical, efficient, and effective manner."
Except for that, how did you like the play Mrs. Lincoln?
The Comptroller's testimony chronicles in detail the huge financial accounting and accountability problems in the federal agencies and departments. It in particular notes "serious financial management problems at the Department of Defense." It concludes "that the nation's current fiscal path is unsustainable and that tough choices by the President and the Congress will be necessary in order to address the nation's large and growing fiscal imbalance."
Winston has written several columns on the federal budget deficit and its risk to the national (and global welfare). The situation is getting worse, not better. Your federal elected officials have to act now to address the problem. Any action will be painful, but inaction will hurt much, much worse.
Click for Comptroller General's testimony.
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