A newly released GAO report finds that "...absent policy changes...the federal government continues to face an unsustainable fiscal path." The Government Accountability Office completed its annual audit of the government and the news is just sad. It is no surprise, and it won't be reported by the mainstream media [properly], but it is sad nonetheless.
The report gives a jab at those in the government who do not seem capable of providing accurate financial information. The report said that the federal government "must have ready access to reliable and complete financial and performance information." This information is needed when audits are done. The "weaknesses" cited in the report are astonishing, and abundant.
It is no surprise that for the non-accountable federal government, tracking tax-payer money would just be an annoyance. Nobody will report on the fact that the American economy is imploding, so why should the government bother to maintain financial records?
The main problems cited were "serious financial management problems at DOD," the federal government's "inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies," and the federal government's "ineffective process for preparing the consolidated financial statements." Pathetic.
To add insult to injury, President Obama has repeatedly made it clear that he is not interested in negotiating with Congress over raising the debt ceiling. The GOP has repeatedly asked to negotiate spending cuts and entitlement reform, but despite Obama's position in 2006 that raising the debt ceiling was a sign of "leadership failure," he has clearly changed his mind while he holds the purse strings.
The GAO report should be a wake-up call.
Photo Source: Daily Agenda