(The Center Square) – The U.S. government is being called out by an Illinois-based government finance watchdog for its spending and reporting practices.
Truth in Accounting recently took part in a virtual event called “Citizen-Heroes Conference” aimed at exposing the true scope of U.S. government financial obligations. Economists and fiscal policy analysts stressed the need for increased transparency and accountability in federal accounting.
The Congressional Budget Office’s most recent report delivered a grim outlook for federal finances, noting that public debt will rise to $52 trillion by 2035.
Truth in Accounting Executive Director Sheila Weinberg said the current national debt of $36 trillion reported by the U.S. government is not even close.
“Our estimate is over $158 trillion, which includes more than $50 trillion in unfunded Social Security benefits and over $66 trillion in unfunded Medicare benefits,” said Weinberg.
Weinberg added that the national debt share for each taxpayer is nearly $1 million.
According to Andy Miller, a former CPA, Social Security will be depleted by 2033, while Medicare will be depleted by 2039.
“The bottom line is the federal government system accounting is just wholly inadequate,” said Miller.
The conference organizers called for bold leadership to address the long-term fiscal challenges facing the nation. In particular, they urged high-profile public figures, such as Elon Musk and Vivek Ramaswamy, to champion the cause of full accrual accounting as a first step toward restoring credibility to U.S. fiscal policy.
David Walker, former Comptroller General of the United States and founder of the Comeback America Initiative, said the U.S. government needs better planning, transparency and more citizen engagement when it comes to spending.
“These are essential elements to achieving the needed transformational change and failing to act would have severe adverse consequences for America and most Americans over time,” said Walker.
