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Thursday, December 06, 2012

Flaws in Federal Government Accounting

From Knowledge at Wharton; December 5, 2012: Flaws in the way the government accounts for its loans and credit guarantees understate the costs that taxpayers are bearing with student loans and other credit programs totaling more than $2.5 trillion, plus more than $5 trillion in mortgages backed by the federally owned companies Fannie Mae and Freddie Mac. In fact, a proper accounting -- like that required of most businesses -- would make the government's budget deficit even larger than the officially reported amount. http://knowledge.wharton.upenn.edu/article.cfm?articleid=3126

1 comment:

Gene Prescott said...

A related post can be found here:



http://taxtechcpa.blogspot.com/2012/11/accumulated-deficity.html