Truth in Accounting

🚨 Federal Tax Dollars: The Hidden Fraud in Government Accounting 🚨 Did you know that our governments create their own accounting rules, allowing them to hide trillions in unfunded liabilities like pensions, Social Security, and Medicare? This isn't just poor bookkeeping—it's deliberate misleading that lets politicians claim "balanced budgets" while piling on massive debt with your tax dollars. For example, over $67 trillion in promised federal benefits aren't even reported on balance sheets, and states are sitting on nearly $1 trillion in unreported retirement obligations. This fraud erodes trust and prevents real accountability. The solution? Change the rules: Shift to accrual-based accounting for budgets to reflect true expenses and liabilities, just like the private sector. It's the essential guardrail to ensure transparency and stop the mismanagement of public funds. Read the full details here: truthinaccounting.org/news/detail/ou… Join the call for reform! #GovtAccountingTruth

@kj29579 @BrianCostin @wallethub @FitchRatings @SPGlobalRatings @Moodys Yes, we are proudly an institution with a strong bias toward honest and transparent financial reporting with a clear ideological agenda to educate taxpayers on the vast difference between government and corporate accounting and how those rules exacerbate deficit spending.

@truthinacct @BrianCostin @wallethub @FitchRatings @SPGlobalRatings @Moodys Sorry for not adding “people and institutions with strong biases or a clear ideological agenda.”

Illinois: highest taxes, worst finances, worst corruption, real problems everywhere. Gov. Pritzker: “Every Republican must answer…” “Do you support Trump on X issue?” He’s not governing. He’s campaigning. This isn’t leadership. It’s someone who’s obsessed with using his office to run for President, not someone who’s obsessed with fixing Illinois. We need our governor to care more about fixing Illinois.

With all due respect @kj29579 calling researchers "right wing nuts and propagandists" is not a good argument. It's deflection. I don't care what political party someone is from, I've lived in Illinois my whole life- I've got research and reality to back up the truth about our Governor and the fiscal mess that is Illinois!

@BrianCostin @wallethub @FitchRatings @SPGlobalRatings @Moodys @truthinacct Mostly right wing nuts and propagandists. What am I supposed to do with that. I at least appreciate you citing your sources lol

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Sign up for our emails to understand how government accounting and financial reporting rules facilitate debt. truthinaccounting.org/about/subscribe

Shrink the federal budget to household size: $52K income, $73K spending, $20K yearly deficit. But the real crisis? $1.3M in liabilities from Social Security & Medicare vs. $60K in assets. That’s not a gap—that’s financial doomsday for America.

Yes, if the federal government were a publicly traded company, it would be forced (by SEC rules and GAAP) to use full accrual accounting. That means recognizing the annual growth in long-term obligations like Social Security and Medicare as expenses/liabilities when they become probable and estimable.

@truthinacct "Our analysis of the most recent audited Financial Report of the U.S. Government found its overall financial condition worsened by $11.6 trillion in 2025." So if the USG was a publicly traded company ... It would have been forced to record an $11.6 trillion deficit?

Our analysis of the most recent audited Financial Report of the U.S. Government found its overall financial condition worsened by $11.6 trillion in 2025. The mounting debt burden of $170.3 trillion represents the total benefits promised to citizens, yet the federal government has no clear idea where the money will come from to pay for them. This staggering debt translates to a $1.1 million liability for every federal taxpayer, resulting in the federal government receiving a failing grade for its fiscal health. The Treasury Department only included a fraction—$269 billion—of Social Security and Medicare liabilities on the federal balance sheet because, according to government documents, recipients do not have the right to any benefits beyond those to be paid in the near term, and laws to reduce or stop future benefits can be passed at any time. Accurate accounting dictates that liabilities should be recorded when it is likely that future payments will be made and when those amounts can be reasonably estimated. In the case of Social Security and Medicare, the government has made explicit commitments to provide these benefits, and the programs’ trustees provide estimated amounts of these obligations. Therefore, in addition to federal assets and liabilities reported by the Treasury, Truth in Accounting includes liabilities for promised but not funded benefits totaling $54 trillion for Social Security and $74.5 trillion for Medicare when assessing the government’s financial condition. Decisions by our elected officials have resulted in astronomical deficits and debt that now seem nearly impossible to control. Nontransparent, flawed budgeting and accounting techniques currently produce incomplete figures, making the federal government’s finances difficult, if not impossible, to manage effectively. The first step toward restoring fiscal stability is presenting accurate and transparent numbers through full accrual budgeting and accounting—one that includes the true costs and growth of liabilities related to Social Security and Medicare. This would enable Congress, the President, and the American people to make better-informed tax and spending decisions. truthinaccounting.org/news/detail/fi…

This is NOT an April Fool's Joke! truthinaccounting.org/news/detail/fi…

@truthinacct It’s a “trust the government fund”. It’s not a real trust fund. It’s a sub-account of the general ledger and that needs to change.

We agree a #socialsecurity fix must happen, but calling it a 'trust fund’ is incorrect per normal standards. Social Security is a classic pay-as-you-go system. Our payroll taxes aren’t ‘invested’ they’re spent instantly on today’s retirees. truthinaccounting.org/news/detail/is…

Sadly, the fraud, waste and abuse has always been highlighted in each state's Single Audit- but ignored until now- thanks to Nick! We are digging into those audits state by state. Check out some of our work and watch the video to learn how to do the research truthinaccounting.org/news/detail/ge… The data is public. The fraud is real. Time to expose it. #TruthInAccounting #GovernmentFraud #SingleAudit

🚨 WOW! Sec. Scott Bessent just shouted out NICK SHIRLEY and confirmed that California and New York are HIDING data to shield fraud "That young man, Nick Shirley, was able to go to all these locations and see the scams!" "This is the name of the facility, this is the address, this is how much money they got. Oh, look, it's an empty storefront. There's no one here." "New York, California are HIDING it."

The accounting and financial rules allowed by government is partly to blame for this fiscal mess. The rules can be manipulated to grow government (buy votes) while running huge deficits. Save the taxpayer- change the rules. truthinaccounting.org/news/detail/ou…

@lrg803 @BrianCostin Don't ignore the accounting and financial reporting rules used by government, they can be manipulated to grow government (buy votes) while running huge deficits. Change their rules and we take away their power. truthinaccounting.org/news/detail/ou…

@BrianCostin Because the last repub governpr fucked the state over. It's the same old story. Repubs fuck everything up and the dems have to clean it up. How dumb are you?

Illinois has the most state pension debt in America — by a wide margin. How bad is it? IL Pension Debt: $145.49B The bottom 41 states combined: $145.77B IL population: ~12.7M Bottom 41 states: ~180M And Pritzker and his allies in Springfield are considering pension sweeteners that could add $76B+ more in costs for Illinois taxpayers. This is not sustainable. This is a crisis.

America’s $130 Trillion Blind Spot realclearpolitics.com/articles/2026/…

Chicago Pensions Watch: DROP Will Not Save the Pensions, by @meepbobeep open.substack.com/pub/marypatcam…

@caroljsroth @SenWarren We have to change the government's rules that allow overspending. Sign our petition! truthinaccounting.org/news/page/peti…

@SenWarren An immoral and stupid idea…

Today, I'm introducing my wealth tax — and more than 50 members of Congress are joining me. It’s time for the government to start working for American families, not just the ultra-rich.

@the_jefferymead @SenWarren They have special rules that allow continuous spending. It's going to take a special kind of Congress to get these changed but it would be our first line of defense. Sign our petition! truthinaccounting.org/news/page/peti…

@SenWarren The top 1% pay about 40% of all federal income taxes. I’m so tired of you people always trying to forcibly take peoples hard earned wealth from them. A wealth tax is a stupid idea.

@SenWarren Why is the answer always more taxes? The federal government has a spending problem not a revenue problem. Fix the accounting and financial reporting rules that allow this nonsense. truthinaccounting.org/news/page/peti…

@FlipChicagoRed Sad considering they have so much work to do!

March 26, 2026 — Committee on Transportation and Public Way Meeting started late waiting for a quorum… then cancelled after 10 minutes because they still didn’t have one. We pay 50 salaries. We pay their staff salaries. Each ward gets $1.5 million per year. And they still don’t show up to work. #ChicagoFlipsRed