Feeding The Beast

Where the wealth goes:

Federal law requires the U.S. Treasury to publish an annual report that details the government’s “overall financial position.” In addition to the national debt, the “Financial Report of the United States Government” also includes the government’s explicit and implicit financial commitments, such as: federal employee pensions and other retirement benefits like healthcare. environmental liabilities like contaminated nuclear sites. unfunded obligations for social insurance programs like Medicare. Such “fiscal exposures,” as explained by the U.S. Government Accountability Office, “represent significant commitments that ultimately have to be addressed.” Thus, GAO stresses that ignoring them can “make it difficult for policymakers and the public to adequately understand the government’s overall performance and true financial condition.” Yet, that is precisely what the media does. Although the Treasury published the report in February, Google News indicates that no major media outlet has mentioned it. Meanwhile, the same outlets have frequently reported on the national debt and federal budget, which are incomplete measures of the federal government’s fiscal situation.

They don't know where it all goes, either...