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Sheila A. Weinberg founded the Institute for Truth in Accounting in 2002. With the Board of Directors, she is responsible for setting the strategic direction for the organization. The Institute’s mission is to encourage private and public entities to produce financial reports that are comprehensive, comprehensible and transparent as well as to inform the public of the importance of truthful accounting. The Institute’s initial focus was to encourage the largest fiscal organization in the world, the U.S. federal government, to become the leader in providing public and elected officials with the financial information needed to make knowledgeable decisions. The Institute has recently expanded its focus to include budgeting and accounting issues of Illinois, as well as other state governments. Weinberg works with members of Congress to bring greater transparency to federal financial reporting.
What's in your state's Easter egg?
It sure isn't candy.
Illinois debt is like nobody’s business. Literally.
You might be surprised at how Illinois' finances stack up against some of the largest companies in the state.
Delinquent Taxers?
The government holds you accountable for filing your tax return on time, but who holds them accountable for filing their CAFR on time?
Do April Showers Bring May Flowers?
Will providing reliable, timely financial information result in confidence in our state governments to bloom?
Truth in Accounting Issues Illinois 2013 Financial State of the State
Financial Hole Jumps to $175 Billion
Stillinnoyed by taxes, pension debt? Move to Indiana
Gov. Quinn advocates more taxes; Indiana promotes new campaign.
NM is land of enchantment, reliance of federal cash
Policymakers in New Mexico have warned of the state’s over-reliance on federal dollars, and a fiscally conservative group hammers home that point.
State Data Lab enables legislators to easily -- and graphically -- see states' budget situations
This intuitive tool can provide quick and reliable answers to complex questions regarding state finance.
'Zombie' pensions: When accounting practices hide the truth from taxpayers
As governments are tempted to take higher risks with their retirement funds and other assets, there are alarming parallels to the savings and loan crisis.
Connecticut Republicans spin Gov Malloy’s embrace of President Obama
Connecticut is in the worst financial position out of all states, and some taxpayers are pointing their fingers at their governor.
Chicago not poised to go the way of Detroit -S&P
Both cities have racked up immense debts, but according to Standard & Poor's, Chicago is better off than Detroit.
FACT-based budgeting: Medicine for what ails government finances
Government budgets need reform, and FACT-based budgeting is just what the doctor ordered.
Make timely reporting a priority in the New Year
Has your state released its financial report for the 2013 fiscal year yet?
This pension-debt story isn't going to end well
Chicago's finances are in bad shape. Here's how it has come to this.
2012 home price recovery related to Taxpayer Burden
If you are concerned about the value of your home, maybe you should keep an eye on your state's debt as well.
Much Debated Sequester To Cut Only 1.1% of Spending
After a great deal of fighting over 1 or 2 drops of spending the sequester will cut the $3.2 trillion in spending by $42 billion.
Are We Setting Our Leaders Up to Fail
Can anyone really effectively run organizations the size of our governments?
Debt Clock Reset
Unfortunately our debt did not go down by $3 trillion.
There are only a few days left to give in 2013!
Please support Truth in Accounting!
Ramamoorti named to PCAOB post
Truth in Accounting board member honored by PCAOB.
Did Illinois Pension Reform Fix the Problem
Illinois pension plans' problem is a long term cash short fall. To fix the problem the plans need to bring more money in and/or take less money out. Did the reform do this?
City Finance 101: Chicago’s Financial Condition & Budget Gimmicks
Come and hear Sheila Weinberg, founder & CEO, on October 16, 2013 @ 6:30 pm - 8:00 pm
Podcast: Stanek and Nothdurft on how TIFS Can Wreck Your City
Co-author of Heartland/TIA study of Cook County talks about his findings
State financial distress means fewer doctors serve the poor
Reboot Illinois and Huffington post look at Truth in Accounting's Taxpayer Burden data compared to doctors that accept medicaid
We’re No. 1! Hawaii is the worst place to do business
Compilation of multiple studies puts Hawaii on "top".
The municipal government debt crisis
A study co-authored by TIA & Heartland Institute
How much money does IL have? We don't know.
Here we are, nearly a year after Illinois’ last fiscal year ended in June 2012, and the state still hasn’t filed its annual financial report for that year. Forty seven of the 50 states have reported fiscal 2012 results, but not Illinois.
Bridgeport could struggle to fund its retirees
Citizens could become casualties of an underestimated financial burden
Hawaii leads nation in per-capita debt for unfunded union benefits
Other Post-Employment Benefits are more than any other state according to TIA's Sheila Weinberg
Editorial: 10 reasons why pensions matter to us, our wallets now
Reboot Illinois COO lists top reasons IL pension reform matters
How 'honest and balanced' is IL's 2014 budget proposal?
Who is going to stop Gov. Quinn from misleading citizens of Illinois?
Chicago-based Truth in Accounting awarded two grants from highly respected foundations
$45k McCormick Foundation grant to expand collaboration with journalists, $80k Searle Freedom Trust to promote TIA's State Data Lab
Report details Connecticut's fiscal challenges
Economist and director of the Connecticut Center for Economic Analysis found CT has some of the highest total liabilities of any state
Illinois is more than 100 days late on its official financial reports
It has been 291 days since IL's 2012 fiscal year ended — their Comprehensive Annual Financial Report (CAFR) is nowhere to be found
MA named 4th biggest welfare state
Truth in Accounting mentioned in MassFiscal, GoLocalWorcester
GASB offers governmental accounting research system online platform
GARS Online provides efficient, effective, and easy access to all U.S. Generally Accepted Accounting Principles
What you need to know when writing about public pensions
MaryJo Webster shares tips on how to navigate through your state's financial plans
Antiquated Accounting Hides True Pension Debt
Pension Solution Requires Truth In Accounting
Illinois and Greece as penitent cookers of books
SEC exposes Illinois' misleading reports on pensions while Greece cleans up its financial data
GASB publishes new user guide on business-type activities
A new, easy-to-understand guide to how state and local governments finance and account for their business activities
Why I Started Truth in Accounting
by Sheila A. Weinberg
SEC settles securities fraud case with Illinois
Federal regulators order Illinois to stop misleading investors about the public pension condition.
SEC Says Illinois Hid Pension Troubles
SEC Says Illinois Hid Pension Troubles
The pension fund that ate California
CalPERS’s corruption, insider dealing, and politicized investments have overwhelmed taxpayers with debt.
Wilshire Associates: State pension funding gap up 20 percent in 2012
Report highlights the uphill struggle faced by state pension plans nationwide
Bottom 5 Sinkhole States Have Worst Debts
Bottom 5 Sinkhole States Have Worst Debts
Unemployment data updated for 2012
Unemployment data updated for 2012
The real State of the State
"List of Lasts" making the rounds in Connecticut
Wanted: honesty in accounting
State Rep Dale Kooyenga demands GAAP accounting in Wisconsin
Unfunded liabilities are putting Hawaii taxpayers in dire financial state
Hawaii's tax burden is third worst behind Connecticut and Illinois
Heartland Highlights IFTA Analysis Relating to Illinois Downgrade
Heartland Institute
BGA/Truth in Accounting Investigation: Public Debt Crisis Hits Home Town
BGA finds a flood of red ink is crashing over Chicago-area suburbs
New York study by State Budget Crisis Task Force
A private task force working on state budget issues recently released a report on the state of New York. Challenges facing this state are shared by others, and some of the most important risks can be better understood using State Data Lab.
Debt Stress Prompting Asset Sales, "Privatization"
Updated Washington State figures from IFTA
Updated Washington State figures from IFTA
The Yankee Institute's "List of Lasts"
IFTA Cited in Newspaper Ad
UVL 2012 Migration Survey Released
States with higher debt loads continue to experience higher outmigration.
Chris Riley of The Giving Legacy Radio Show on the real state of the Union
My Fellow Americans: As we approach January 29, 2013 to hear the President deliver his State of the Union address, our state of our union is in trouble.
Federal Assistance Grows Increasingly Uncertain
So-called "Fiscal Cliff" Negotiations Impact State Aid
Bills Coming Due on State Borrowings from Federal Government
During the Great Recession, many state governments used borrowings from the federal government as one source of cash, but those bills have been coming due.
Sheila Weinberg discusses Cook County study on WGN Politics Tonight
Governments have a long-term cash shortfall which will require either higher taxes or a reduction in services.
Truth in Accounting Releases Financial State of the States (2nd Edition)
Below Download the Report Or Obtain Hard Copy of 2010 Financial State of the States.
Former Colorado Governor Richard Lamm discusses "the crime of the century"
Generational theft is the crime of the century. We sensed 40 years ago the younger generation was not paying enough attention to public policy, so we quietly found a way to maintain our lifestyle and charge it to the next generation.
Top financial minds in Denver to discuss restoring fiscal responsibility
Sheila Weinberg on KUSA-TV Denver: Give the public the information they need to make informed voting decisions
What's at Stake? A CPA's Insights into the Federal Government's Finances
Gregory Anton, AICPA Chairman of the Board of Directors, offers a non-partisan and clear analysis into why the financial statements provide a different perspective compared to the annual budget.
CNN's Anderson Cooper covers the $10 Million a Minute Tour: We need to wake up
Former U.S. Comptroller General David Walker discusses why the financial deterioration of the country keeps him up at night.
Real Pension Reform: A California Design
California could be the leader of real pension reform by rejecting the flawed national accounting standards for public pensions, measuring pension liabilities using government bond yields, and linking part of the benefit to investment performance.
The Financial State of the States as a must read publication
"While enjoying dinner at The Heartland Institute’s 28th Anniversary Benefit Dinner, seated next to me were two women whose impressive work over a period of a few years produced the recent Financial State of the States Report." Read more.
David M. Walker: How To Build a Guard Rail around the Fiscal Cliff
The “fiscal cliff” is quickly approaching, but President Obama, Gov. Romney, and Congressional leaders have not revealed their specific plans to avoid it – if they have one.
Join The Heartland Institute for Sheila Weinberg speaking event
"Financial State of the States" Wednesday, August 29, 2012 11:30 a.m. - 1:00 p.m.
Here's What's Happening This Summer at Truth in Accounting
Public Debt Crisis Hits Hometown, Illinois - The $10 Million A Minute Bus Tour - State Data Lab website launch - Financial State of the States Second Edition now in print
Up to Us Student Competition
Up to Us, a nationwide campus competition, is an opportunity for students to build a movement to address America’s long-term fiscal and economic challenges.
Debt Clock Adjustment
Sheila Weinberg on Freedomain Radio
"We're trying to get our elected officials to tell us the truth about our finances," says Weinberg.
BGA/Truth in Accounting Investigation: Public Debt Crisis Hits Home Town, Illinois
While it’s common knowledge that Illinois and Chicago’s government balance sheets are awash in debt, scores of small municipalities are the next casualties of a escalating public finance debt debacle brought on by mismanagement & out-of-control borrowing.
Truth in Accounting hosts University of Denver debate event series with David M. Walker and Christina Romer
To set the stage for a presidential debate at Univ. of Denver, Truth in Accounting and Daniels College of Business host David Walker and Christina Romer to discuss restoring fiscal sanity to the federal government.
WSJ online: Pension Accounting for Dummies
Governments have resisted climbing down from Fantasyland because using lower pension discount rates would explode their liabilities. When the FASB introduced its risk-free rate guidelines, many companies shifted workers to 401(k)s.
Crain's blog: Moody's downgrades Chicago schools' debt, warns of second hit
Citing a "drastic" drawdown of reserves, Moody's Investors Service Corp. late today downgraded Chicago Public Schools' debt by one notch, and warned a second hit is in the offing.
Illinois:demanding truth in numbers
New, nationwide accounting rules adopted last week will force public pension funds to disclose that they are underfunded by hundreds of billions of dollars more than they now acknowledge.
David M. Walker's Comeback America on Truth in Accounting study
It is common knowledge that the United States Federal Government has serious financial challenges, but it is less commonly known that the majority of the 50 states also have serious financial problems.
Here's what happened this Spring at Truth in Accounting
Spring 2012 e-newsletter
Sheila Weinberg on WTTW Chicago Tonight
"Many times legislation the state estimates is going to save money in the long run ends up costing the state," said Weinberg.
Sheila Weinberg on KMOX radio St. Louis
Truth in Accounting's new Financial State of the States Report: Show-Me state vs. Land of Lincoln
Download our 2009 Financial State of the States Report
See Your State's Financial State of the State at:
Mitchell Feiger Joins Institute Advisory Board
Today the Institute for Truth in Accounting announces Mitchell Feiger has joined their Advisory Board.
Beyond the Beltway interview
Listen to Sheila Weinberg interview on
Michigan state mental health director on pension reform
Michigan has a pension and health care legacy cost crisis. The governor and Legislature must stop ignoring the problem and fix it.
Ad hoc IFTA Advisor Rick Skiba weighs in on recent Daily Herald Letter to the Editor
Sheila Weinberg and Truth in Accounting in USA Today cover story
"By law, the federal government can't tell the truth," says accountant Sheila Weinberg of the Chicago-based Institute for Truth in Accounting.
Institute for Truth in Accounting Awarded Rauner Family Foundation Grant
$50,000 grant will support ongoing Institute projects
Giving Legacy Radio Show - State of our States with Sheila Weinberg
Sheila outlines the state of our states' finances and how we do not just have a federal debt problem but the fiscal crisis flows down to our states. Listen to the issues as they discuss potential solutions in the inaugural week of the Giving Legacy Show.
California Watchdog says Los Angeles teeters on the brink of bankruptcy
Taxpayers in Los Angeles are facing a major crisis if Mayor Antonio Villaraigosa and other officials do not begin to address the systemic, structural issues putting the city on the fast track to economic upheaval.
IRS Wouldn't Allow Governments To Do Their Books The Way They Do
Why do governments use cash basis accounting to calculate their budgets?
Sheila Weinberg speaks at Colorado State University April 25th
The Daniels Fund Ethics Initiative seeks to strengthen the teaching of principle-based ethics to foster a high standard of ethics in students and ultimately beyond the campus and into the community.
Just how much should most Americans worry that some state and local governments could go into default?
That’s what researchers from the Federal Reserve Banks of Cleveland and Atlanta has been studying over the past year. The Municipal Financial Monitoring Team has been looking at how shocks to the municipal bond market could ripple into something larger.
The Demand for Public Pension Reform is Bipartisan - The Movement is Nationwide
Today the potholes don’t get fixed, the library hours are curtailed, the parks are closed, but the gold-plated pension and health benefits of our public servants get more costly every year.
Sheila Weinberg interview on financial media
The Truth, the Whole Truth, and Nothing But the Truth, in Accounting
Truth in Accounting Hosts Balanced Budget Talk for Legislators
Illinois Sen. Heather Steans (D-Chicago) and Rep. David Harris (R-Mount Prospect) joined Truth in Accounting at an April 2nd Legislative Workshop in Chicago, co-sponsored with the Illinois Chamber of Commerce. Click heading for full press release.
Truth in Accounting Winter Wrap-up
Here's what happened this past Winter at Truth in Accounting.
Sheila Weinberg speaks at 49th annual Society of American Business Editors and Writers Conference
March 16, Purdue University at Indianapolis "Covering the New American Austerity" Panel moderated by Gail Marks Jarvis of the Chicago Tribune. Read more for details.
Listen to Sheila Weinberg on Revolution PAC Pod Powercast
Watch and listen to podcast here. While Revolution PAC is a Ron Paul supporter, Sheila & Truth in Accounting do not endorse any candidate.
Sheila Weinberg speaks at Revolution PAC Powercast
This is not an endorsement U.S. Rep. Ron Paul. Revolution PAC is mustering dozens of special guests for its February 25 Powercast. Weinberg will speak about government accounting and budgeting reforms.
F.A.C.T.-Based Budgeting Provides Honest State Numbers
Australia, New Zealand, and Canada have successfully adopted systems similar to Full Accrual Calculations and Techniques. How about us?
Big Elephant in the Room: Deceitful Government Accounting
Numbers... Money... It’s all very confusing, and only affects those one percent guys out East, right? Wrong. Listen to Sheila Weinberg on KYGT Radio in Idaho Springs, CO.
Pension Puffery
Here are 12 half-truths that deserve to be debunked in 2012.
Vermont: Merry Fiscal Christmas!
The state's inability to back off its ever more ambitious spending programs can’t help but raise question about just how sound Vermont’s long term finances are.
GASB Receives Comments from People With Vested Interests in Pension Reporting
Grand Forks Herald: A better way exists to force budget change
Truth in Accounting rules would help bring about the balanced budgets and fiscal responsibility Americans want. Why should we think a federal balanced-budget amendment would succeed? The answer is it would not succeed.
Number Chicago City Employees GreaterThan Top 5 Corporation's Employee
New Zealand Leads the Way In Clear Disclose
In 1990s the New Zealand federal government moved to using FACT based budgeting and accounting.
Missouri County Retirees Should Only Be Receiving 62% of Their Pension Benefits
Counties’ Liability for Pension Benefits is Nil
Commentary: Tips how Occupy Wall Street can really force change
We have Generation X and Generation Y. Let’s call the next one Generation Z — for Zero — because that is the chance they have of ever paying off debt being dumped on them by local, state and federal politicians.
Calculating Your City's Financial State
Difficult, but possible
Here's What Happened This Fall at Truth in Accounting
Read our Fall e-newsletter
PBS Nightly Business News: David M. Walker (Comeback America Initiative) and Sheila Weinberg at DePaul University
The Institute joined DePaul University to host "Fiscally Speaking" presentations by Sheila Weinberg and David M. Walker, former US Comptroller General.
The Passing of A Great Man
Ralf Seiffe, the Institute's Research Director passing.
Sheila Weinberg interview on Hawaii Radio KHVH
Five Questions with Sheila Weinberg on KHVH. Listen to radio interview.
Sheila Weinberg on Fox Chicago TV
Illinois called a "Sinkhole" State for Massive Debt. Read more for video clip.
Elmer Staats
The respected Comptroller General for four presidents has died.
Unfortunately, It is Time to Read the Nightmare Scenarios Again
I posted this in May 2009, but now we are starting to live the nightmare.
Comeback America Initiative Unveils Fiscal Frameworks to Avoid, Address Another Economic Crisis
Former U.S. Comptroller General David M. Walker Provides Comprehensive Recommendations to Put Nation's Finances in Order. Read more for full Report.
Is There Money In the Social Security Trust Fund?
The piggy bank is empty.
States with Balanced Budget Amendments Are $1 Trillion in Debt
It all depends on how you count.
Are we already above the debt ceiling?
According to a Treasury Department web page we are.
The Tale of Two Books
The art of federal government accounting
Balanced Budget Amendment Will Not Work
Unless Truth in Accounting is enacted
Institute's 50 State Study uncovers the true financial condition of the states
Today, the Institute for Truth in Accounting (IFTA) announces completion of a significant, comprehensive study of all 50 states' assets and liabilities, including pension and retirement healthcare obligations.
Save the Date: U.S. Senator Mark Kirk and Hon. David M. Walker October 17th
Truth in Accounting and the Comeback America Initiative host the Fiscal Solutions Tour, 11:30 AM Luncheon Chicagoland Chamber of Commerce, 3:00 PM Seminar DePaul University Chicago Conference Center. Details to follow.
Opacity of State Pension Data Unbelievable
An Interested Reader Sees A Bigger Problem At The IMF
DSK will have his day in court but what's apparently undisputed is the cost of the room he occupied. One reader sees a larger meaning in a very large hotel bill.
Re-building Japan Compared to Feb. Federal Deficit
Cajun Crisis: Louisiana's Financial Situation
Here's a link to the Pelican Post from Louisiana and a further link to a radio interview with the Institute's Sheila Weinberg.
True Debt Unknown?
Widely varying estimates of the total US debt and obligations agree on one thing: it's more--a lot more--than the $13.4 trillion the federal government reports.
Watch Weinberg on Fox Chicago Sunday
Sunday, August 29, at 8:30 a.m. Truth in Accounting Founder & CEO, Sheila Weinberg, will appear on Fox Chicago Sunday.
Social Security & Medicare Trustees' Report FINALLY Out
Better late than never!
Sheila Appears on CSPAN at US Chamber
View her speech.
It's all a Ponzi scheme.
Privatization of Social Security is and is not a Drain
The government takes less money in now, but may save money in the long run.
Oh where, oh where is the Social Security Trustees' Report
How can the country operate without knowing the amount of the huge liabilities associated with these programs?
Official debt closing in on $13 trillion.
On Monday it was $12,974,895,930,216.56.
In Illinois: Three Legislators on How to Close a Budget Gap
"We need mathematicians in Springfield," said Gov. Pat Quinn at a recent speech before fellow Democrats in Winnetka, Ill.
Don't Trust Trust Funds
Quotes from Treasury, OMB and CBO about the bogus Trust Funds
Madoff vs Social Security
See the numerous comments about this comparison. From: Sheila - This reminds me of the comparison we made of federal accounting and Enron accounting. We will re-post that comparison soon.
Sheila Attends Peterson's Fiscal Summit
Clinton says states are playing accounting tricks to balance their budgets.
Official debt closing in on $13 trillion ($12.8 T now.)
Give me your guess on when you think it will reach $13 T.
Sheila Weinberg On 'Monsters and Money'
Here's The Institute's Sheila Weinberg on CBS Channel 2 Chicago's Monsters & Money in the Morning.
323,923 Unique Visitors to in Feb.
New All-Time High!!!
Where & When Is Sheila Speaking
Review Sheila's future engagements.
Reaching New Heights
27,280 unique visitors went to yesterday
Come hear Sheila speak Tuesday in Barrington
LWV-Barrington Event at Cuba Township Community Room - 28000 West Cuba Road
Sheila Weinberg On 'Chicago Tonight'
The Institute's Sheila Weinberg will make another of her appearances on Chicago's WTTW Channel 11 at 7:00 CST this evening.
Watch Ch.7 Clip of Truth in Accounting CEO
Sheila Weinberg comments on the legislation Gov. Pat Quinn signed Sunday to fully fund the Illinois Monetary Award Program, or MAP.
Visitors To Hits All Time High
October 15 unique visitors to our website hits 24,455.
News Analysis with Elizabeth Brackett: State Budget
Watch Video of Truth in Accounting's CEO WTTW's Chicago Tonight.
Institute Chairman Appears on TV
Tom Hudson, First Business, interviews Mr. Nelson about the current debt and the outlook for the future.
How did Sheila's testimony at the GASB?
An interested party asked me the following questions.
Institute's 50-State Study On the Web
Here's a reference to the Institute's work on state accounting and finances.
Sheila Weinberg Answers an 800 Year Old Accounting Question
Testimony at the GASB Hearing Recommends Recognizing Accrued Pension Liabilities
Is the Federal Accounting Standards Advisory Board Independent?
The article notes: . . (S)ome outside observers to question the independence of the board. For example, the CEO of the Institute for Truth in Accounting said at an April 2009 FASAB public hearing: “This seems like a form of jury tampering.”
Sheila To Testify Before GASB on Firday
Should A Liability Be Reported As a Liability?
Sheila on the Radio Monday
Freedom Rings Radio hosted by Kenneth John is a live call-in talk show with guests heard every Monday morning at 9AM CST on WRMN 1410 AM, Elgin, Illinois
Truth in Accounting Videos on YouTube
Watch our new videos on YouTube!!!
Your Help Is Needed to Find Off-Balance Sheet Liabilities
How much financial trouble is your state into? Unfortunately, nobody knows.
David Walker On CNBC
Our friend David Walker gives his views on the fiscal prospects of the federal takeover of health care.
Sheila Weinberg on Channel 11 Tonight
The Institute's founder and CEO will appear on Chicago Tonight that clears on WTTW Channel 11 in Chicago. This is a great opportunity to tune into Chicago's "Window To The World".
Accounting Model Creates Systemic Risks
A blog written by IFTA's founder & CEO appears on Assoc. of Gov't Accounting website.
Truth in Accounting on Champion News
THIS WEEK'S SHOW Sheila Weinberg Sunday, May 17th - 8AM - 9AM
Where We Are Headed?
Two Possible Nightmare Scenarios. Please let us know what you think.
The Truth About Balanced Budgets: A Fifty State Study
How can your state be balancing its budget, but going further into debt?
Federal spending to increase by $1 Trillion in 2009.
Does this scare you?
In the Last Six Months the Feds Borrowed $3000 On Your Behalf
That's for each man, woman and child in the U.S.
Donation Online
Why don't we receive donations online?
Feds Claim Social Security and Medicare Not Liabilities
Federal Accounting Standards-Setting Process: Stacked Against the Public
Where Are We Now?
It isn't a pretty picture and it is only getting worse.
Would Gov. Quinn Budget Be Truly Balanced?
The Governor continues using political math to balance the budget
Official Debt Reaches $11 Trillion
Treasury Puts the Pedal to the Metal on Borrowing
What's A Trillion?
How do we explain this massive amount to our readers? Please submit your ideas.
Transit System In Pension Trouble?
Bloomberg reports Chicago's transit system is in trouble and speculates it will foment another trillion dollar bailout.
Up, Up and Away!
Or is that Down, Down We Go? Daily Visitors to Truth in 2008 are increasing at an astronomical rate. Unfortunately, our federal debt is also increasing at an astronomical rate.
Gov. Quinn Needs Help
The Institute for Truth in Accounting is Here to Help Get Us Out of Our $100 Billion Hole
What's A Trillion?
Hat Tip to Lt. Col. Larry Felts USAF (Ret.)
An article supporting Mark-to-Market accounting from City Journal.
A trillion here, a trillion there
The federal government is borrowing at the rate of $500 billion a month. Are we too big to fail?
U.S. Reaching New Heights
Deficit reaches $454.8 billion. True Debt reaches $57 trillion.
Hat Tip to
The Institute offers any blogger or web site administrator the free use of our debt counter. Here's one site which does.
Many observers of the financial crisis have suggested suspending mark-to-market accounting rules because they have exacerbated the situation, requiring a bigger bail out. Here's a well-reasoned, contrary view.
IOUSA Video Clips
If you haven't seen the movie, here's the next best thing.
Financial Crisis - - - You Ain't Seen Nothing Yet
By Sheila Weinberg. Our country is heading toward a super-sub-prime crisis. It may be just a matter of time before the federal government hits fiscal foreclosure.
The Myth of the Self Fulfillng Prophecy
Wise observations on the curent economic conditions.
Is America Going Broke?
Now that the federal government has bailed out Fannie and Freddie, who's going to bail out the federal government?
More Questions
Here are more IFTA questions about the impending bail out.
Reader's Comments
Here's the letter Donna Rook of Chicago sent to her Representative and Senators.
Uncertainty and the Markets
Some questions about the bailout that occur to IFTA members
A Question From India
In the last generation, the Indian economy has remarkably benefitted from "de-socializing". Some say this was a result of Indians' exposure to the U.S. economy's vitality. Now they wonder where we are headed.
Feds Shirking Reporting Duty?
When I first started to investigate federal budgeting and accounting issues I was shocked to discover that the government did not prepare consolidated financial statements until 1995. Now there is a discussion going on....
Chuck Norris Knows The IFTA
"Black Belt Patriot" author and actor Chuck Norris mentions how he learned about the real deficit.
Question Time
Ben Alexander asks:Getting to a more personal level with the issues, what are the candidates' positions on the alternative minimum tax?
IOUSA Review
Kudos to the Peterson/Walker gang for the release of I.O.U.S.A. It is great to see I.O.U.S.A. out before the election.
IOUSA Trailer
IOUSA the movie premieres in August. See the trailer now!
Here is something YOU can do to start to bring the truth about our true financial condition to the candidates.
Studying All 50 States' Budgeting Tricks
How can states balance their budgets and run deficits at the same time?---An Institute study.
Running Deficits While Your Budgets Are Balanced
How do state governments claim their budgets are balanced and run hundreds of millions of dollars of deficits at the same time?
How much will the candidates' plans really cost?
Voters need to be given an honest calculation of how much the campaign promises will increase annual deficits.
Sheila's Guest Spot on AGA Blog
Wake Up Accountants! - What Can You Do About Our $53 Trillion Hole
AWOL in Fiscal Planning
Truth in Accounting's response to Steve Chapman's commentary posted at:
A Salute to CG David Walker
The Institute for Truth in Accounting commends Comptroller General David Walker on his past and future public service. He bravely went where few, if any, government officials have gone before--he told the truth to the American public.
Washington's Truth Teller Resigns
Today Comptroller General David Walker announced his retirement as of March 12.
ASK THE CANDIDATES QUESTIONS Here are two key questions to ask: ***What are you going to do about our $55 trillion dollar debt?***With what money will you use to pay for your campaign promises?
Dependency on Foreigners Could Lead to Disaster
Our dependency on foreign capital puts our country at the mercy of countries that may not have our best interest at heart.
Nobody Cares About Failed Audits
What if Wal-Mart, General Motors, Capital One, Waste Management, Coca Cola and Sprint flunked audits of their financial statements?
Truth in 2008 Challenges Presidential Candidates
I say the best change would be for the government to stop misleading budget practices.
Bringing Truth to 2008 Campaigns
I am pleased to announce that the launch of a campaign challenging presidential candidates to address one of our nation's most pressing issues: our skyrocketing national debt.
Governmental Budgeting 1.1
It all depends on how you count. The U.S. Treasury recently announced a budget deficit of $163 billion for the fiscal year ending Sept. 30, 2007. But how did they determine that amount?
Dancing Around the L Word
Federal Accounting Standards Advisory Board chair Tom Allen stated,
Hynes Tells the Truth
Finally the truth is being told by an Illinois constitutional officer. According to various news stories Comptroller Daniel Hynes, the state's chief financial officer, stated that the last four state budgets have been billions of dollars out-of-balanced.