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According to our projections based on data from the Federal Reserve Bank of New York, total debt in the U.S. will hit $12.5 trillion by the end of 2016, surpassing the total debt of $12.37 trillion in December 2007.Dec 14, 2016
You heard correctly. The government cut off inspection of their own financial accounting to the public. Skidmore says, “I have been able to talk to a few people. I tried calling the Congressional Budget Office. I talked with somebody at the GAO, and one or two people at the Office of the Inspector General, who were generating these reports. . . .It’s a big question in why don’t people want to look at this? I am just a blue collar economist at Michigan State University, and I am saying this does not make sense to me. Why don’t we look at this? . . . Some high ranking government official authorized the disabling of all the links to the key documents. We know that.”
there is an appendix table that indicates there was a transfer from Treasury to the Army of about $800 billion. That’s almost a trillion dollars flowing in. There is a note that says we had to do this in order to reconcile past years. That doesn’t make sense to me either because, these earlier years, you have a transfer from the Treasury of your $120 billion or $130 billion, and every year, the Army is granted the authority to spend this money in the ways they say they will. How can you get (an additional) $800 billion in and call that an ‘adjustment’? I tried to call and talk to the office of the Inspector General to talk to the people who helped generate these reports. I haven’t been successful,
originally posted by: musicismagic
originally posted by: TheConstruKctionofLight
a reply to: dfnj2015
Sure seems like $21 trillion is a lot of money to remote hack the planes to hit the towers.
These days all international flights have cameras in the cockpit, so maybe something good came about this. Well, where there is a bad outcome, maybe a good outcomes comes out of it. Personally its bs and sic.
originally posted by: samkent
This is just another utterly stupid claim !
Do some simple research before posting this crap.
If they stole or diverted 21 trillion that would be every single penny the government took in for the years 1984 through 2001.
Get your heads out of the sand people.
originally posted by: lightedhype
They dont print that kind of money. It is all digital created out of thin air. Fiat is a complete joke. They could create as much as they want by typing numbers without telling us and who would be the wiser? Inflation is already rampant, all we have to go on is the # numbers they tell us..
The national debt could be 10x what they say or a tenth. It is a fictional freaking number ffs.
originally posted by: Yvhmer
a reply to: dfnj2015
Quote from the FY 99 report:
The audits of the FY 1999 DoD financial statements indicated that $7.6 trillion of accounting entries were made to compile them. This startling number is perhaps the most graphic available indicator of just how poor the existing systems are. The magnitude of the problem is further demonstrated by the fact that, of $5.8 trillion of those adjustments that we audited this year, $2.3 trillion were unsupported by reliable explanatory information and audit trails or were made to invalid general ledger accounts. About $602.7 billion of accounting entries were made to correct errors in feeder reports.
Reminds me of those famous 2 trillion unaccounted Rumsfeld dollars.
It seems like there is at least a double counting here:
When I were to book an invoice of say 2200 $ for 6000 chopsticks purchase, and VAT is 200 $ I would have to book something akin like this in the journal:
Goods to be received 2000
@/ Short term creditors 2200
Sending out a check:
Short term Creditors 2200
@/Checks to be cleared 2200
When the check clears:
Checks to be cleared 2200
@/ bankaccount 2200
Receipt of goods:
Warehouse # Goods received 2000
Goods to be received 2000
once a week, once a month or just once every year, the number of chopsticks is counted. And we are left with 1500, a fourth of the purchased number. So the amount that should be on balance is 500 (2000 - 1500) Therefore the Goods received account should be corrected with 1500.
Used chopsticks 1500
@/ Warehouse # goods received 1500
So far so good.
If you calculate the total amount booked on the debet or credit side, you will find an amount of $ 10,100.- Or almost 5 times the value of the original nett entry!
Add in pensions, insurance, write offs, sales, grants, education, salaries, withholdings (hmmm I wonder why the IRS and SS are not complaining ...,)
Add in the mix that a certain deviation is allowed, say 1% between debet and credit, and you get the idea: It either balances or not. If not, the books may be off by quadrillions and only show a 1 cent discrepancy.
Every self respecting accountant will flip when this happens on his watch. He will start sweating, kicking the dog, yelling at his wife, or even rather shoot himself than present book entries that do not balance!
What does unaccounted for mean?
What often happens is some money turns up on the bankaccount and normally it is booked against an invoice....... if the invoice can be found. In today's day and age, this is done by computer, and only the entries that cannot be reconciled automatically, are done manually.
But .... a clerk has to clean up his mess also, and for that, accounts have some parking accounts. And the more you correct, the bigger the mess. You can hide your mistakes, carry them over, apply them to other invoices, create invoices, create a new account, dump more # in there, separate them to have your colleagues help you sort the mess out, write the mess off,
When a trouble shooter is flown in, the best he can do is approximation over a certain period. After that, everybody is good to go with a fresh start. ....oops, again?
This is the normal routine! Now factor in intent.
Although I buy the amount "unaccounted for", I do not buy the idea that MONEY is missing in that order of magnitude. Even if it were only a seventh, it still is A LOT! Commercial companies, though having waste like this as a rule of thumb, would not be able to survive the heat coming from cooking the books.
Disclosure of the Army’s manipulation of numbers is the latest example of the severe accounting problems plaguing the Defense Department for decades.