US Government is not financially accountable. Our Constitution gives citizens ultimate control of government through our votes, but we cannot do this unless government gives us transparent financial disclosure.
After the 1929 stock market crash Americans pressured Congress to make corporations accountable. Congress did this by forcing corporations to follow Generally Accepted Accounting Principles. However, Congress never adopted Generally Accepted Accounting Principles for itself.
To make Government accountable today, citizens should demand that Congress enact the same accountability laws for itself that business must follow. This should include the following changes:
- Government’s annual financial statements must be designed for external disclosure to ordinary citizens, instead of for internal government accounting (as happens today);
- Government’s accounting standards must be designed by an independent committee representing citizens, instead of controlled by Government as happens today;
- Government’s long-term liabilities, such as projected war costs, Social Security, and Medicare, must be disclosed on an accrual basis instead of a deceptive cash basis; and
- Government’s annual Consolidated Financial Statements must be externally audited by an independent accounting firm which certifies that they were prepared under the same or similar standards (Generally Accepted Accounting Principles) that publicly traded companies must follow.
Please sign (below) the petition to make US Government financially accountable.