Today, Sheila Weinberg, founder & CEO of the Institute for Truth in Accounting, was a guest on Chicago's CBS Channel 2 show, Monsters & Money in the Morning.  You can watch her appearance by clicking here. 

Sheila joined Terry Savage, a board member of the Institute, and the other Monsters & Money hosts, Mike North, Dan Jiggetts and Mike Hegedus, in a discussion of the accounting shenanigans used by governmental officials to pretending balanced budgets while states go billions of dollars in debt.

To provide greater disclosure in state budget processes, the Truth in Accounting Act has been introduced in the Illinois House by Rep. Mike Tryon and in the Florida house by Rep. Tom Grady.  The legislation calls for the calculation of the state's true financial condition, and requires estimates of the long term financial consequences of current budget decisions. These improvements to the budgetary process would provide the public with  the full cost of government employees' compensation, including retirement benefits.  

See the next article for more information about the Truth in Accounting Act.