Monday, December 25, 2006

Merry Christmas, we’re broke - The Comptroller General of the United States writes a letter to the WashPost: “The largest employer in the world announced on Dec. 15 that it lost about $450 billion in fiscal 2006. Its auditor found that its financial statements were unreliable and that its controls were inadequate for the 10th straight year. On top of that, the entity's total liabilities and unfunded commitments rose to about $50 trillion, up from $20 trillion in just six years.” That unfunded commitment number is made up almost entirely from promises made to Social Security and Medicare.

1 comment:

Zsa Zsa said...

I just stopped in because WILLisms.com has you on his blog! Beautiful. Merry Christmas!