Op-ed by Sheila Weinberg, Truth in Accounting, includes “… Inaccurate financial reporting of Medicare's cost is detrimental to the program's survival. … Our analysis shows that $35.2 trillion of our nation's true debt is unfunded Medicare benefits. But, how can our Medicare debt be higher than our national debt, which is reported to be $18 trillion? The federal government excludes a massive amount of liabilities, like Medicare and pensions, from its balance sheet. … The accounting trick the federal government uses to exclude liabilities is similar to the accounting that brought down Enron…”
Read the full article on: Houston Chronicle