INSTITUTE FOR TRUTH IN ACCOUNTING

FOR IMMEDIATE RELEASE: March 17, 2008
CONTACT:  Darlene Porteus, 847-835-5200, dporteus@truthinaccounting.org

(Northbrook, IL) 

Today the Institute for Truth in Accounting announced that the official debt clock has reached $11 trillion---going up $1 trillion in less than six months.  “Government borrowing has gone into warp speed,” said Sheila Weinberg, founder & CEO of the Institute.  “It took almost two years to go from $8 trillion in federal debt to $9 trillion, then a little more than a year to go from $9 trillion to $10 trillion.  Now we have doubled that speed.”

In October the debt limit was increased to $11.3 trillion.  At this rate Treasury will reach this limit in the middle of May.

“The growth in our ‘public’ debt concerns me, because an increasing proportion of ‘the public’ are actually foreigners who may not have our nation’s best interests in mind,” warned Roger Nelson, the Institute’s chairman.Almost 50% of the federal public debt is held by foreign entities.

This official debt is only part of the nation's obligations--unfunded liabilities and social insurance promises are five times greater.  Find out more and keep an eye on the rising debt by viewing our spinning debt clock at:  www.truthinaccounting.org.

Weinberg noted that the official debt reports ignore the nation’s true commitments of $60 trillion.  “Most Americans would agree that social insurances—like Social Security and Medicare—are moral and real obligations of the nation.  I’m also sure that most would be shocked to learn the accounting records of the government completely ignore these real debts.  Incredibly, there is a debate among experts in government accounting about how—or even whether--to recognize these promises.  I am completely mystified by those who say we should ignore the $48 trillion in benefits we have promised ourselves.   Truth in accounting demands we do better.”

About the Institute for Truth in Accounting

The Institute for Truth in Accounting (IFTA) is dedicated to promoting honest, accurate, and transparent accounting at all levels of government and business.  As a non-partisan, non-profit organization, the IFTA works to expose accounting deficiencies while promoting better, more accessible delivery of accurate government financial data—and, in turn, providing a foundation for more informed public policy.  The IFTA provides its expertise to develop more effective accounting standards and deliver accurate government financial information to policymakers, opinion leaders, and citizens, so they can all work for a more secure financial future.  To learn more, please visit our website at www.TruthInAccounting.org.

1500 Skokie Blvd., #304, Northbrook, IL  60062, 847-835-5200