Republicans And Democrats Dicker While The Deficit Yawns And Rome Burns

As a CPA, I view government sugar bowl accounting method as being entirely inappropriate. Why shouldn't government use Generally Accepted Accounting Principles like business and taxpayers do? Yes, government is different, but the accounting methods must be reformed, perhaps a modified GAAP. Their accounting is mostly about smoke and mirrors, hiding unfunded off balance sheet items to the tune of trillions of dollars. Government accounting covers up lies, fraud, waste, abuse and deception.

Source: http://www.forbes.com/sites/greatspeculations/2011/11/23/republicans-and-democrats-dicker-while-the-deficit-yawns-and-rome-burns/

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