Sheila Weinberg, CPA, is the founder and chief executive officer of Chicago-based Truth in Accounting, a 501(c)(3) nonprofit organization that researches government financial data and promotes transparency for a better informed citizenry.
Accountants could use their experience and expertise to educate their elected officials and fellow citizens about their government’s financial condition.
The good intentions behind balanced budget requirements in states and cities have been circumvented by the shoddy accounting practices used in the budget process.
The 50 states have accumulated a combined $1.5 trillion in debt related to pension and other post-employment benefits, while elected officials claimed balanced budgets.