Wednesday, April 12, 2006

Truth in Budgeting: Heartland Legislators Propose Federal Unfunded LT Debt Reporting

(Post #400) Congressmen Chris Chocola (R-IN), Jim Cooper (D-TN) and Mark Kirk (R-IL) have proposed legislation disclosing all federal unfunded long-term liabilities. Chocola anticipates that Social Security, Medicare and other unfunded liabilities may come to over $40 TRILLION in the next 75 years. Chocola foresees a future crisis and stings the Treasury for not disclosing liabilities that would create huge problems if private businesses refused to disclose. As support for the proposal, Chocola cited an article by Clinton appointee David Walker which talked about the US Government being on a fiscally "unsustainable path."

I approve of the Chocola proposal as a step toward reforming federal government accounting. More importantly, I approve of the proposal as another piece of the puzzle, along with the present "Porkbuster" campaign regarding budgetary earmarks and restrictions on the unfunded mandates which cause a sizable amount of fiscal stress for state governments, toward getting control of government spending and economic involvement.


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