Op-ed by Sheila Weinberg, CEO and founder of Truth in Accounting, includes “Wednesday marks the 49th anniversary of the establishment of Medicare and Medicaid, two government programs whose budgets have ballooned, thanks to a growing population in need — and federal budgeting and accounting tricks. Now with the possibility of another government shutdown looming in the face of a short-term funding bill, there will be another round of conversations about the role these programs play in expanding federal spending. The states’ entitlement spending is also ballooning. On average, state Medicaid spending more than doubled between 2001 and 2011. This spending — and the financing of promised state employees’ retirement benefits — are consuming an ever-increasing portion of state budgets. For the most part, the growth in the state retirement costs has been hidden from the public. Through budgeting and accounting gimmicks, state governments have been able to hide the fact that promised retirement benefits were underfunded by more than $900 billion in 2012. …”
Read the full article on: The Washington Times