| |
Major Site Upgrade in Progress |
 |
|
 |
|
Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
|
|
|
 |
|
 |
|
 Posted: Fri Feb 09, 2007 12:22 pm Post subject: US Federal Government Fails Audit - $54 trillion debt |
 |
|
|
 |
|
 |
|
|
|
|
Want a great reason to own gold? Then consider the following quote from the Government Accountability Office (GAO). I'm taking this from the agency's December report on the government's financial statements: “A significant number of material weaknesses related to financial systems, fundamental recordkeeping and financial reporting, and incomplete documentation continued to ... hinder the federal government from having reliable financial information to operate in an economical, efficient, and effective manner.”
The report goes on to say that the federal government cannot reliably report a significant portion of its assets, liabilities, costs, and other related information ...
Cannot reliably measure the full cost of certain programs and activities ...
Has impaired its ability to adequately safeguard significant assets ...
And has hindered itself from having reliable financial information to operate in an economical, efficient, and effective manner.
And that's just the beginning of the report! The GAO's conclusion?
“Certain material weaknesses in financial reporting ... prevent us from expressing an opinion on the accompanying consolidated financial statements for the fiscal years ended September 30, 2006 and 2005.
“We are unable to, and we do not, express an opinion on such financial statements. As a result of these limitations, readers are cautioned that amounts reported in the consolidated financial statements and related notes [of the U.S. Government] may not be reliable.” [You can see the full report by clicking on this link .]
Sound like Enron? Or WorldCom? Or Global Crossing? You bet it does! In fact, our government's books are worse than those disasters because the stakes are so huge .
The GAO is sounding the alarm bells, but no one seems to be listening. Pay attention: When I tore apart the government's 2006 financial statements, here's what I found:
The actual annual federal deficit for the fiscal year ended September 30, 2006 was $4.6 trillion, up from $3.5 trillion a year ago. That's an astounding $1.1 trillion increase, or a 31.4% jump in the deficit.
The actual deficit is nearly nineteen times larger than the reported $248 billion deficit.
Total federal obligations at year-end were $54.6 trillion, up from $50 trillion in 2005 ... $46.4 trillion in 2004 ... and $32.7 trillion in 2002.
Remember, we're talking about trillions of dollars, not billions. For perspective — our country's annual GDP is one-fourth that $54.6 trillion in federal obligations.
A federal deficit of $4.6 trillion comes to $15,277 for every man, woman and child in the U.S. Total federal obligations of $54.6 trillion equal $181,399 of debt for every man, woman, and child.
These figures confirm what I've suspected for years: The government is cooking its books, largely by using money from Social Security and other trust funds like Medicare to window dress its financial statements.
Based on Generally Accepted Accounting Principals (GAAP), the same standards that public companies are supposed to adhere to, the government has a negative net worth of $53.1 trillion.
http://www.marketoracle.co.uk/Article327.html |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
|
|
