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Current Financial Pictures - Caution:† These are not pretty pictures

Links to the Financial Reports of the Federal Government and Its Agencies

Read IFTA founder & CEO, Sheila Weinberg's, testimony before FASAB on Feb. 25, 2009 by clicking here.

Members of the Institute are often asked what important issues face the nation.† Here's a list of several we consider important.†

Federal:

  1. The accumulating federal debt of more than $73 trillion dollars.† This includes explicit debt, debt internal to the federal government and the net present value of the current statutory entitlements.†
  2. The aging baby-boomers will put extraordinary pressure on the nation's economy as they begin to collect on the social programs to which they are entitled.† The combination of increasing medical costs, the extension of life expectancies and the sheer number of beneficiaries makes this situation unsustainable.
  3. The trade imbalance with the rest of the world.† Essentially we are consuming more than we produce and the consequence is that we must about 1% of all the wealth America has ever accumulated to foreigners, every year.† Symptoms of this problem include a falling dollar, higher oil prices, and a long-term decline in national living standards.
  4. Accounting principles and metrics our government uses to explain our financial condition are deficient and do not provide objective and comprehensive understanding of our fiscal challenges.
  5. The lack of solutions to solve these problems indicates the largest problemóa lack of political will to solve them.† This leadership vacuum is the biggest challenge we face and it occurs because no constituency for sustainability exists.
Polandís former communist leaders face pensions cut
12/29/2008

The Looming Crisis in Medicare, Social Security and the Budget
8/18/2008

Watch the breakfast speech with Comptroller General Walker
U.S. Comptroller General David Walker appears on 60 Minutes
7/30/2008

Itís been called the dirty little secret everyone in Washington knows. A set of financial truths so inconvenient that most elected officials donít even want to talk about it.
"The Federal Government Can't Count"
7/30/2008

The U.S. Treasury Department issues 2006 Federal Financial Report, which Sheila Weinberg, IFTA founder & CEO,claims "is so messed up, the auditors canít tell us how messed up the finances are.Ē
Fuzzy math+tax cut+health care=$9 trillion debt?
6/12/2008

Sheila Weinberg gently nudges reporter to calculate the real numbers.
2007 Financial Report of the U.S. Government
5/1/2008

Click here for the U.S. Governmentís 2007 Financial Report
IFTA Advisory Panel Member Leads the Way to Measuring and Managing Federal Financial Risk
2/12/2008

IFTA Advisory Panel member and professor of Finance at the Kellogg School, Deborah Lucas, organized a very successful and informative conference entitled,
China threatens 'nuclear option' of dollar sales
10/8/2007

ďThe Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation."
CEO and Expert Advisor visit FASAB in Washington D.C.
9/27/2006

The Institute for Truth in Accounting (IFTA) thanks the Federal Accounting Standards Advisory Board (FASAB) for the opportunity to respond to this exposure draft.
We can't afford to put off facing economic reality
8/28/2006

Chicago Sun-Times' Terry Savage sheds some light
What's the Real Federal Deficit?
8/4/2006

The federal government keeps two sets of books. The set the government promotes to the public has a healthier bottom line: a $318 billion deficit in 2005.
Loving the lure of money
6/22/2006

Article published in the Chicago Tribune
IFTA Influences Truth in Accounting Act of 2006
4/18/2006

THE INSTITUTE FOR TRUTH IN ACCOUNTING IS THE INFLUENCE BEHIND THE NEW LEGISLATION, THE TRUTH IN ACCOUNTING ACT OF 2006
America's Fiscal Future
3/14/2006

Speech given by Comptroller General David Walker on March 14, 2006, at The London School of Economics.
Fiscally, U.S. Wrenching
2/15/2006

D.C. overdue to join clamor over soaring federal debt
Government flunks annual audit, again
12/16/2005

For the ninth year running, the federal government failed to achieve a clean financial audit, largely because of accounting issues at the Pentagon.
Truth and Transparency
9/17/2003

Speech given by Comptroller General David Walker on Sept. 17, 2003
Truth and Transparency
9/17/2003

THE FEDERAL GOVERNMENTíS FINANCIAL CONDITION AND FISCAL OUTLOOK
Beyond Borrowing: Meeting the Governmentís Financial Challenges in the 21st Century
11/14/2002

On November 14, 2002 Under Secretary of the Treasury Peter R. Fisher gave an important speech at the Columbus Council on World Affairs.