By Ron Paul, includes “… One way the Fed increases the money supply — and thus lowers interest rates — is by purchasing US Treasury securities.”

Video interview and discussion with Steven Malanga, senior editor at City Journal and Manhattan Institute fellow, and Sheila Weinberg, CEO and founder of Truth in Accounting. 

Accounting is about numbers, but it is also about words.

Truth in Accounting has released a new analysis of the 10 most populous U.S. cities that includes their largest underlying government units.

Dave Cotton is chairman of Cotton & Company LLP, Certified Public Accountants, headquartered in Alexandria, Virginia.  Cotton & Company has performed grant and contract, indirect cost rate, financial statement, financial related, and performance audits for more than two dozen Federal inspectors general as well as numerous other Federal and State agencies and programs.  

I am an accountant not an attorney, so I am no expert on what is or isn’t fraud. But when I hear elected officials make misleading public comments about their government’s finances I often wonder if they are committing fraud. 

This video contains 15 testimonies before the Governmental Accounting Standards Board (GASB) in March and April of 2021 by citizens, elected officials, think tank leaders, and more. All of whom argued against GASB’s proposals to continue cash-basis-like accounting for governmental funds statements.

By Truth in Accounting, includes “Timely information is crucial during government decision processes like budgeting. However, most states issue their Comprehensive Annual Financial Reports (CAFR) long after their fiscal year's end. Several states have still not issued their 2020 annual financial reports even though their fiscal years ended more than 300 days ago.”

Counting heads matters -- for lots of money.

Financial reporting about the U.S. Government doesn't appear to be high on the list.

 Yesterday’s “Ask The Experts” webinar with Chuck Chokel, TIA Board Member and former Co-CEO of Progressive Corp., and Sheila Weinberg, CEO and Founder of TIA. We also discussed the newly released Financial State of The Union 2021. Moderated by our Director of Research, Bill Bergman.  Comments at YouTube this morning include “This is fascinating, this video needs more exposure to the general public.”

Now that the calculations for our Financial State of the Union, which are based upon information in the recently released Financial Report of the U.S. Government (FRUSG) for the fiscal year ended September 30, 2020, are complete, we have found that we need to adjust our debt clock. The good news is the clock’s “true debt” decreased.

The FRUSG was released by the Department of Treasury, in coordination with the Office of Management and Budget, on March 25, 2021 to a deafening silence. Not a single news outlet reported on this report.