Truth in the Elections

FASAB faces independence challenge
2/12/2010
"Domination of the FASAB process by federal members is incompatible with board independence," says former board chair and one other member.

WebCPA
02/15/10

Reporter Glenn Cheney outlines the independence issues (or lack thereof) of the board that sets standards for the federal government.

Sheila Weinberg, Founder & CEO of the Institute for Truth in Accounting is quoted. "Our democracy is at stake," she stressed. "We can't be active participants in democracy without knowing all the correct facts. The way FASAB is structured, we're not getting those facts."

Click here to read the full article.

With debt at $ 12.440 trillion at the end of February (treasurydirect.gov) versus GDP last year of $14.248 trillion, it seems to me that the debt-to-GDP ratio is already 87%. Given that Congress recently raised to debt limit to $14.3 trillion - to avoid having to raise it again before the elections in November - it appears debt-to-GDP will be close to 100% before the end of 2010.

Posted by K.S. on 3/8/2010 1:34:40 PM