4 Myths About Social Security You Shouldn’t Believe

Your hard-earned tax dollars aren't just being mismanaged; they're being systematically stolen, thanks to a flawed government accounting system that buries red flags under layers of opacity. For years, states have been handing out federal funds through programs designed to feed children, support the vulnerable, and aid during crises. But instead of helping those in need, these programs have become playgrounds for fraudsters, with billions vanishing into luxury lifestyles and offshore accounts. The worst part? These scandals aren't surprises. They've been flagged repeatedly in mandatory state Single Audit reports, documents that auditors, lawmakers, and the federal government obviously ignore.

The report examines the fiscal health of America’s five largest cities–Los Angeles, Houston, Philadelphia, Chicago, and New York City. 

The Chicago Teachers Union (CTU) has resisted making its financial audits public, and we are starting to learn why. The union recently produced audits going back to 2020, and the records show that its finances haven’t always received a clean slate by its official independent auditor.

Recent scrutiny of federal programs in Minnesota has drawn national attention to serious oversight failures at the state level. Those problems are not isolated. Audits in Georgia and other states reveal similar warning signs that raise broader concerns about accountability, internal controls, and the use of federal funds.

Op-ed by Sheila Weinberg, "The Chicago Tribune recently exposed disturbing oversight failures in Minnesota’s federally funded programs, problems that have led to fraud investigations and federal payment freezes. But this is not unique to Minnesota. Illinois’s most recent Single Audit reveals similar systemic breakdowns in federal program oversight, showing that federal taxpayers’ money is at risk far beyond one state."

Like Minnesota, California faces serious concerns in child care oversight and other federally funded programs. The state’s 2024 Single Audit, issued in December 2025, reviews how California manages and reports on billions in federal funds. In that audit, 10 programs received qualified opinions, meaning independent auditors identified weaknesses in how the programs were run and whether federal rules were followed. These problems have led to federal payment freezes and ongoing investigations, illustrating the real-world consequences of monitoring failure.

Minnesota is now under intense scrutiny for major oversight breakdowns in federal programs, failures that a new Truth in Accounting analysis shows are far from isolated, with similar red flags already exposed in Illinois and raising serious nationwide concerns about accountability.

In the 2025 "Financial State of the States" report, Truth in Accounting (TIA) paints a stark picture of fiscal irresponsibility across the U.S., with unfunded pension liabilities emerging as one of the most pressing threats to long-term state solvency. These liabilities represent promised retirement benefits to public employees—such as teachers, firefighters, and state workers—that governments have committed to but failed to adequately fund. By shortchanging pension contributions today, states are effectively borrowing from the future, shifting massive costs onto tomorrow's taxpayers.

Dive into the hidden world of government finance and the rising influence of Artificial Intelligence in this thought-provoking webinar hosted by Truth in Accounting. This session unpacks how opaque financial reporting, emerging AI technologies, and real-world cases of mismanagement converge to impact taxpayers, public trust, and the future of democratic accountability.