On November 15, Ernst & Young and other private firms that were hired to audit the Pentagon announced that they could not complete the job. Congress had ordered an independent audit of the Department of Defense, the government’s largest discretionary cost center—the Pentagon receives 54 cents out of every dollar in federal appropriations—after the Pentagon failed for decades to audit itself. The firms concluded, however, that the DoD’s financial records were riddled with so many bookkeeping deficiencies, irregularities, and errors that a reliable audit was simply impossible.
Vox “journalist” Matthew Yglesias tried to push this idiotic justification: “The Pentagon’s accounting errors are genuinely enormous, but they’re also just accounting errors—they don’t represent actual money that can be spent on something else.”
Sorry, but no. These are not “accounting errors.” It’s impossible to have trillions of dollars of “accounting errors.” … I’ll let Laurence Kotlikoff at Forbes answer this:
“Let’s recall that this is not simply a matter of boring accounting. Trillions in unaccounted outlays, if that’s what’s involved here, is trillions of our tax dollars being spent without our knowledge. If that’s the case, we’re talking about the biggest government financial deception in the history of the country.”
One country fights back at Wall Street… when will others catch on?