Full disclosure of long term liabilities needs to occur at all levels of government. The accounting profession is now requiring a footnote to financial statements. This is not enough. A formal balance sheet needs to be required adjusting long term liabilities to a present value.

New proposals should also have to have an estimate of long term costs.

It is imperative that retirement and medical benefits for government employees be reduced. Either you base the benefits on values that can be paid or you are misleading the people that are depending on those false promises. The sooner the adjustments are made; the better.

• posted by Alex Sinclair
• August 11, 2007 @ 1:55 pm
• Permalink

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