The Social Security crash is closer than you think

August 17, 2017 | PoliZette

Social Security turned 82 years old this week and finds itself as sickly as many of the elderly Americans it serves.

Unless Congress acts soon, it will not be around in its current form for another 82 years — or even half that long. The Social Security Trustees forecast that the trust fund will go broke in 2034. The Congressional Budget Office projects an even earlier collapse, pegging it at 2030.

WATCH: Live stream of tonight's forum in Chicago

August 10, 2017 | NPR Illinois

NPR Illinois will host its fifth Illinois Issues forum tonight at the Union League Club of Chicago. The listening tour of the state focuses on the financial health of Illinois and the lasting impacts of the two-year-long state budget impasse. 

NSIG Breakfast:  How did we get into this mess?

August 3, 2017 | Harvard Business School Club of Chicago

In this session we will do the following: Learn about the accounting gimmicks used to “balance” state budgets while simultaneously racking up billions of dollars of debt …

This one chart will fill you with despair for Chicago

August 2, 2017 | Reason

As Bill Bergman of Truth In Accounting comments at Wire Points, governments "have yet to recognize retiree health care and other retirement benefits on the balance sheet, for example." 

One chart shows awful fiscal trajectory of Chicago area and Illinois

July 31, 2017 | Zero Hedge

I asked Bill Bergman of Truth in Accounting for his reaction to the chart: “It’s fun, or sad and scary, or all of the above, to consider what this means for a citizen of the City of Chicago."

One chart shows awful fiscal trajectory of Chicago area and Illinois

July 28, 2017 | Wirepoints Illinois News

Importantly, he added, “The accounting changes aren’t over."

Student loans 101: the lowdown from Truth in Accounting

July 27, 2017 | The Rival (George Washington University)

This article is based on information provided by Truth in Accounting, specifically, a presentation called “Student Loan Debt” by Founder and CEO Sheila Weinberg.

Painful truth

July 24, 2017 | Caledonian Record (Vermont)

Last month “Truth in Accounting,” an organization of accountants, released its annual report on the “Financial State of the States.”

Pennsylvania reforms state employee pension system

July 24, 2017 | The Heartland Institute

“The reforms may shift some risk away from taxpayers, but it will take a decade or two for any of that to really take hold,” Bergman said.

Oregon state finances receive a grade of “C”

July 19, 2017 | Portland Patch

These statistics are troubling, but what's more troubling is that state government officials continue to obscure large amounts of retirement debt on their balance sheets, despite new rules to increase financial transparency. 

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