Accounting Fraud at the U.S. Treasury

Oct 5, 2017

Earlier this year the U.S. Treasury had to resort to extraordinary measures to keep the government running. During that period the nation’s official debt stood still at $19.9 trillion. Within 24 hours of the debt ceiling being raised however, the official U.S. debt skyrocketed another $317 billion. One extraordinary measure that the Treasury resorts to when it cannot sell more debt is to raid the federal employee’s retirement fund. The fund has $225 billion. If the Treasury borrows from it, it does not have to count that borrowing towards the official debt of the country. Right after President Trump signed the legislation, the Treasury repaid the borrowed funds and sold more debt. Since the debt deal was signed September 8, the federal government has added $335 billion to the federal debt. When it comes to dealing responsibly with the nation’s finances, there are no serious people in charge. Serious people do not knowingly keep spending their country deeper into debt.
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