U.S. "lost" $450 billion in fiscal 2006

December 26, 2006

Reported at Reason, a letter to the editor of the Washington Post, from, would you believe, the U.S. comptroller general: 

The largest employer in the world announced on Dec. 15 that it lost about $450 billion in fiscal 2006. Its auditor found that its financial statements were unreliable and that its controls were inadequate for the 10th straight year. On top of that, the entity’s total liabilities and unfunded commitments rose to about $50 trillion, up from $20 trillion in just six years.

If this announcement related to a private company, the news would have been on the front page of major newspapers. Unfortunately, such was not the case — even though the entity is the U.S. government.

Reason link to article here.

Full letter to the Washington Post here.

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