• Skip to content
  • Skip to primary sidebar
  • Skip to footer

The Liberty Bugle

The Truth In News

  • Home
  • Headlines
  • Featured
  • Politics
  • Pop Culture
  • Viral
  • Contact

POLL: As GAO Auditor Warns U.S. Debt Path “Is Not Sustainable” Where Do You Rate Debt Reduction As A Priority In Presidential Campaign?

April 17, 2016 By Peter Johns

0417 debt

The most recent audit presented to the Senate Budget Committee by the Government Accountability Office indicates the federal government will soon owe more than the entire U.S. economy produces.

The comptroller general for the Government Accountability Office, Gene Dodaro, testified before the committee and discussed the findings of his audit: “Fiscal Year 2015 U.S. Government Financial Statements – Need to Address the Government’s Remaining Financial Management Challenges and Long-Term Fiscal Path.”

The report indicated three major impediments that prevent the GAO from even expressing a reliably accurate opinion on the government’s accrual based financial statements. The are:

“(1) Serious financial management problems at DOD, which represented 30 percent and 15 percent of the government’s reported total assets and net costs, respectively; (2) the government’s inability to adequately account for and reconcile a significant amount of intragovernmental activity and balances between federal entities, which resulted in hundreds of billions of dollars in differences: and (3) the government’s ineffective process for preparing the U.S. government’s consolidated financial statements.”

Additional challenges cited in the financial report requiring urgent attention include: (1) the significant and pervasive government-wide issue of improper payments, which totaled over $1 trillion since fiscal year 2003, and (2) reducing the annual net tax gap, last estimated by IRS to be $385 billion.

According to Dodaro’s testimony, “We’re very heavily leveraged in debt. The historical average post-World War II of how much debt we held as a percent of gross domestic product was 43 percent on average; right now we’re at 74 percent.”

p0408 GAO Dodaro

“The highest in the United States government’s history of debt held by the public as a percent of gross domestic product was 1957, right after World War II,” Dodaro continued. “We’re on mark to hit that in the next 15-25 years.”

Dodaro reported that if Medicare cost controls fail and healthcare costs continue to increase, debt will rise much further. “These projections go to 200, 300 percent, and even higher of debt held by the public as a percent of gross domestic product. We’re going to owe more than our entire economy is producing and by definition this is not sustainable.”

The GAO proposed ways that Congress could consider for better linking decision about the debt limit with decision about spending and revenue at the time those [spending] decisions are made.

Do you think this has been prioritized adequately in the presidential campaign? Take the Poll-

 

h/t GAO, freebeacon

Related

Comments

comments

Filed Under: Opinion Poll

Primary Sidebar

Latest Stories

Hollywood Meltdown Over Trump’s Plan To Declare A National Emergency

BOMBSHELL! Intrepid Reporter Jim Acosta In Dire Warning To Americans: “Trump has gained four pounds…”

Major Networks Spent 2,202 Minutes Reporting On Russia Scandal: ZERO On No Collusion Report

Reality Check! James Woods Burns Andrew Cuomo Over Governor’s Whining About Taxpayer Exodus From NY

Most Viewed Stories

  • Cartoon Exposes 'Democrat Privilege' As Prosecutor Offers To Investigate Justin Fairfax Sex Attack Allegations
    Cartoon Exposes 'Democrat Privilege' As Prosecutor Offers To Investigate Justin Fairfax Sex Attack Allegations
  • Reality Check! James Woods Burns Andrew Cuomo Over Governor's Whining About Taxpayer Exodus From NY
    Reality Check! James Woods Burns Andrew Cuomo Over Governor's Whining About Taxpayer Exodus From NY
  • Backlash Grows Over Ilham Omar's Viciously Offensive Question At Congressional Hearing
    Backlash Grows Over Ilham Omar's Viciously Offensive Question At Congressional Hearing
  • Hollywood Meltdown Over Trump's Plan To Declare A National Emergency
    Hollywood Meltdown Over Trump's Plan To Declare A National Emergency
  • Ocasio-Cortez Trashed Amazon Expansion: Gets Blamed for Amazon's NYC Exit [VIDEO]
    Ocasio-Cortez Trashed Amazon Expansion: Gets Blamed for Amazon's NYC Exit [VIDEO]
  • Outrageous! Bi-Partisan Spending Bill Sends 40 Times More Money To Foreign Countries Than Border Wall
    Outrageous! Bi-Partisan Spending Bill Sends 40 Times More Money To Foreign Countries Than Border Wall
  • BOMBSHELL! Intrepid Reporter Jim Acosta In Dire Warning To Americans: "Trump has gained four pounds..."
    BOMBSHELL! Intrepid Reporter Jim Acosta In Dire Warning To Americans: "Trump has gained four pounds..."
  • Trump To Declare A National Emergency On Southern Border: Frees Up $8 Billion To Build The Wall [VIDEO]
    Trump To Declare A National Emergency On Southern Border: Frees Up $8 Billion To Build The Wall [VIDEO]
  • Major Networks Spent 2,202 Minutes Reporting On Russia Scandal: ZERO On No Collusion Report
    Major Networks Spent 2,202 Minutes Reporting On Russia Scandal: ZERO On No Collusion Report
  • A Little Tipple For Pelosi Before Appearance? Begins By Laughing and Slurring Her Words [VIDEO]
    A Little Tipple For Pelosi Before Appearance? Begins By Laughing and Slurring Her Words [VIDEO]
Learn more about RevenueStripe...

Top Stories

Hollywood Meltdown Over Trump’s Plan To Declare A National Emergency

BOMBSHELL! Intrepid Reporter Jim Acosta In Dire Warning To Americans: “Trump has gained four pounds…”

Major Networks Spent 2,202 Minutes Reporting On Russia Scandal: ZERO On No Collusion Report

Reality Check! James Woods Burns Andrew Cuomo Over Governor’s Whining About Taxpayer Exodus From NY

Viral Stories

James Woods Perfectly Illustrates What’s Really Important To Those Democrat Women In White

Cartoon Gives Ominous Warning To Ocasio-Cortez’s ‘Green New Deal’ [VIDEO]

Cartoon Eviscerates Liberal Hypocrisy Over MAGA Hat: Trump Slams Northam

Cartoon – Public Enemy #1: Lindsey Graham Demands Justification From FBI For Predawn Raid On Roger Stone

Chilling Cartoon Rips New York’s New Abortion Law: OB/GYN ‘Absolutely no reason to kill a baby’

Cartoon Slams Pelosi’s Immoral Wall Around The House Chamber: Still No SOTU

Cartoon Savages The Main Stream Media Over Fake News And Negative Trump Coverage

Cartoon Rips Puerto Rico Getaway Dems While Pelosi Blunders On SOTU

Gut Wrenching Cartoon On Government Workers Not Getting Paid During Shutdown

INCREDIBLE Helicopter Rescue In French Alps: Chopper Blades Inches From Ground [VIDEO]

Devastating Cartoon Rips Pelosi And Schumer Over ‘Walls Are Immoral’

Biting Cartoon Shows Mitt Romney’s New Role In The Senate: ‘RINOS R US’

Footer

About Us

Learn More

Privacy & Terms

Learn More

Contact Us

The Liberty Bugle
16625 Redmond Way #123
Redmond WA 98052

Copyright © 2019 · Sonet Dynamics LLC · all rights reserved · Log in

← Poll: Do you agree with Jane Fonda that there will be violence due to “toxic masculinity” if Hillary is elected? ← Michelle Fields Brands Donald Trump a Liar and Corey Lewandowski a Defamer
Learn more about RevenueStripe...