Posted on 12/11/2020 5:28:40 AM PST by Kaslin
This year has been wrought with financial turmoil for nearly all Americans. From low-wage workers to small business owners, millions of Americans have experienced financial stress courtesy of the coronavirus-induced downturn.
As all state legislatures convene in the upcoming year and develop their budgets, these financial stresses should be taken into consideration. Lawmakers will be looking to help their constituents while also looking for ways to recoup revenue lost in the midst of these trying times.
All 50 states are experiencing revenue shortfalls due to declines in sales taxes, gas taxes, and licensing fees, not to mention the myriad other ways the government gleans revenue on a daily basis.
For many states, actual revenue will fall short of revenue projections, which were made before the pandemic. In fact, 22 states will end the current year with deficits exceeding 10 percent of total revenue. However, despite these alarming figures, many states are claiming they will end the year with a budget surplus.
A budget surplus in a year when almost every American not named Jeff Bezos or Elon Musk has had to tighten their belts more than a starving artist. How is this possible?
The answer is in plain sight but clouded by a dense fog of fuzzy math. It is called the Governmental Accounting Standards Board (GASB) and is the single worst display of accounting practices since the Enron debacle.
GASB legally permits state and local governments to conduct their accounting using "modified accrual accounting," which is simply "cash basis accounting" under another name. This means that governments can hide substantial portions of their debt while claiming loans and other sources as assets, allowing all levels of government to paint a false narrative of their financial condition.
In other words, GASB makes Bernie Madoff look ethical.
(Excerpt) Read more at americanthinker.com ...
Fauci is a weasel.
Fauci is the BERNIE MADOFF of modern day medicine.
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