Whopper # 1: Government’s “debt" was only $17.1 trillion (instead of $100+ trillion).
Government said its “debt” was only $17.1 trillion by hiding the largest portion of its true debt: future promises under social programs such as Social Security, Medicare, and Medicaid. In Footnote 24 to its financial report, the GAO discloses that the future excess of these long-term liabilities over expected collections is $83.8 trillion. Adding these liabilities to government's stated “debt” gives true government liabilities of over $100 trillion.
Whopper # 2: Government’s "federal deficit" for the year was only $0.5 trillion (instead of $4.9+ trillion).
Government says its “federal deficit” was only $0.5 trillion because it refuses to transparently disclose its increased liability during fiscal 2014 for social program guarantees (listed above). In the GAO's “Reconciliation of Net Operating Costs and Unified Budget” (page 48), this 2014 liability grew $4.4 trillion during the fiscal year. This increased the true “federal deficit" from $0.5 trillion to over $4.9 trillion.
TransGov’s mission is to make government accountable to citizens under the same "Generally Accepted Accounting Principles” that businesses must follow.