The garbage Uncle Scam siccs on corporations can't even
balance its own books:
newaus.com.au
***Making matters more loathsome is the fact that the Securities and Exchange Commission (SEC), responsible for overseeing corporate compliance with federal rules, doesn't even produce audited financial statements of its own operations. WorldCom may have cooked its books to inflate its worth, but the SEC apparently doesn't even produce a financial book. In addition, for most of the 1990s the Internal Revenue Service could not balance its own books. Taxpaying Americans had to get their tax returns right and in on time, but the IRS didn't. Many Americans were audited and paid penalties and late fees. The IRS didn't. And even if it had to pay penalties, the money would come from ... you, the taxpayer.
There are so many government financial games. Take Social Security. It's the largest welfare program in America and in the world — $400 billion a year — even though it's marketed as a retirement program. You pay in all your working days. But you don't get back what the government took. You get back, on average, a return of about 1 percent. In addition, the government says that there is a Social Security trust fund, implying that your money is safe and sound. That's not true. There is no trust fund. The government spent that money long ago to finance general government spending and hide the true size of the federal budget deficit. That's real accounting gimmickry, on a multi-trillion dollar scale. As the Congressional Research Service reports: "[T]he trust funds themselves do not hold financial resources to pay benefits."*** |
