• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Store
  • ION Awards
  • Podcasts
  • Full Measure
    • Full Measure Cover Stories
  • Donate
  • Bestseller "Slanted"

Sharyl Attkisson

Untouchable Subjects. Fearless, Nonpartisan Reporting.

  • US
  • World
  • Business
  • Health
    • Vaccine, Medical links
    • Omicron Lab Origin
    • Covid-19 Origins
    • Covid-19 Natural Immunity
    • Covid-19 Vaccine Concerns Summary
    • Covid-19 Vaccine: 80 Common Adverse Events
  • The Censored
  • Special Investigations
    • Attkisson v. DOJ
    • Media Mistakes, Biden Era
    • Media Mistakes on Trump
    • Other investigations
      • Benghazi
      • "Collusion v. Trump" TL
      • Election 2020
      • Fake News
      • Fast & Furious
      • Obamacare
      • Obama Surveillance TL
      • Other investigations
      • Ukraine 'Sabotage' of Trump TL

Watchdog Report: US on 'unsustainable' financial path

Dated: February 25, 2023 by Sharyl Attkisson 1 Comment

      

The following is an excerpt from Just The News.

A federal watchdog reported that Congress continues to spend more money than it collects in taxes.

The U.S. Government Accountability Office's audit of the federal government's financial statements found it "continues to face an unsustainable long-term fiscal path."

In fiscal year 2022, the federal government spent $6.27 trillion and collected $4.9 trillion in revenue, resulting in $1.38 trillion deficit, according to the U.S. Treasury.

The federal government budget most recently had a surplus in 2001, one of five times it had a surplus in the last 50 years.

Daniel Smith, an economics professor at Middle Tennessee State University, said overspending at the federal level is no surprise.

"It has been known by economists and politicians for a while that our current level of spending is unsustainable," he said in an email to The Center Square. "Our current debt to GDP ratio ranks the United States as one of the highest in the world. Most of the other countries in that category are not doing well economically. And, the United Statesโ€™ debt is under-reported because it doesnโ€™t include unfunded liabilities, which raises our debt to over $200 trillion."

While the federal budget may have many decimal places, Smith said most Americans understand that "you canโ€™t sustainably spend more than you earn."

"Debt can be undertaken if it is used for productive investments, but is a bad idea for funding current consumption," he said. "Most of what the U.S. is spending money on, of course, is current consumption (transfers), not productive investments."

He also said the federal government is moving toward "a situation where debt service cost can potentially become the biggest budget item of the U.S. government."

The U.S. Government Accountability Office's 270-page financial audit also said it canโ€™t opine on the accuracy of the governmentโ€™s bookkeeping because of ongoing problems.

Among the problems: Long-standing financial management issues at the Department of Defense and inadequate accounting for transactions between government agencies.

It further outlined problems with the Small Business Administration's pandemic relief programs, the Department of Education's loan programs and $247 billion in improper payments. An improper payment is one that should not have been made or that was made in the wrong amount.

Link to read full article here.

Visit The Sharyl Attkisson Store today

Shop Now

Unique gifts for independent thinkers

Proceeds benefit independent journalism


      
[the_ad id="17661"]

About Sharyl Attkisson

Emmy-Award Winning Investigative Journalist, New York Times Best Selling Author, Host of Sinclair's Full Measure

Reader Interactions

Comments

  1. JungianINTP says

    February 26, 2023 at 10:36 am

    Sheryl and Full Measure Team,

    When did we get a clue, as to
    an unsustainable financial road
    for America ? After all precious
    metals had been removed from
    her coinage ? After an audit of U.S.
    gold in Fort Knox had been denied
    by the Federal (sic) Reserve (sic) ?

    Iโ€™ve a long exposeโ€™ of the history
    of that Private Corporation, which
    Iโ€™ll send to Sharylโ€™s INFO. Page.

    Find it there, todayโ€”if the
    gatekeepers allow its
    passage..

    -Rick

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Coming Soon

The Bad Shirts: High-Quality, Wearable Humor

The Sharyl Attkisson Store

Buy Great, Original Products & Support Independent Journalism

Subscribe

Get the Latest Stories Straight to Your Inbox

SUBSCRIBE TO SHARYL’S RUMBLE CHANNEL


Follow Sharyl Attkisson

  • Facebook
  • Instagram
  • RSS
  • Twitter
  • YouTube



Footer

Pages

  • Home
  • About
  • Podcast
  • Support
  • Contact

Sitemap

2ndary Pages

  • Full Measure Stations
  • Privacy Policy
  • Terms of Use
  • Newsletter
  • Returns & Refunds Policy

SPECIAL INVESTIGATIONS

  • Attkisson v. DOJ/FBI
  • Benghazi
  • Election 2020
  • Fake News
  • Fast & Furious
  • Obamacare

Copyright © 2023 ยท Log in