Falling Off the Leverage

Debbie found another one:

http://freebeacon.com/issues/government-owe-money-entire-economy/

An auditor for the Government Accountability Office told lawmakers Wednesday that in the next few years the federal government will owe more than our entire economy produces.

Ali Meyer is telling us that yesterday, 6 April, 2016, our Senators down in Washington got the bad word from the GAO. The Feds are headed for underwater financing. Well, they are going to be between a rock and a hard place. I hate to start with the premise that our GNP (Gross National Product) is something that the Federal Government should be able to use as collateral, but everyone seems willing to accept this principle. Now that I have spit a bit of that bad taste out of my blogging mouth, let’s get down to wondering what our elected officials are going to do about our Government owing more money than the value of the yearly collective taxable economic activity within this USA.

Has anyone an idea?

“GAO’s audit calls into question the reliability of the underlying financial data,” he said. “The sketchiness is such that GAO remains unable to even issue an audit opinion on the government’s books.”

According to the audit, these weaknesses will eventually harm the government’s ability to reliably report their assets, liabilities, and costs, and this will prevent the government from having the information to operate in an efficient and effective manner.

It seems logical to me that our Senators might be happy with the last quote from this article. After all, you don’t have to fix what you can’t measure.

Oh!! And, by the way, wouldn’t it be great to have another excuse for being inefficient and ineffective?

Click Here to read the GAO paperwork brought to yesterday’s meeting with the Senate Budget Committee.