2012 - Truth in Accounting: Financial State of the States

source: http://www.truthin2012.org

FACTS

"The federal government keeps two sets of books…the set the government doesn't talk about reports a more ominous financial picture." 
--Dennis Cauchon, USA TODAY

We've all heard about the federal debt. But most of us haven't heard the truth.

Politicians will tell you that the federal debt is more than $14.5 trillion.

That sounds bad enough—but it gets even worse. Together with unfunded liabilities (all of the benefits that the government has promised to seniors, Baby Boomers, and other citizens) our nation is in the hole for more than $75 trillion dollars.

That's more than $246,000 for every man, woman, and child in America, and it's growing every day.

"We have been diagnosed with fiscal cancer," says David Walker, the retired chief auditor of the United States government. "It seems clear that our nation's current fiscal path is unsustainable."

As the people who pay the bills, it's time to demand more of our political leaders—and to demand real solutions to an issue that could soon lead to a crisis. 

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