"Our fiscal and financial condition is worse than advertised"

Words from David Walker, head of the Government Accountability Office.

The sorry state of our government's financial reporting cannot be laid at Bush's door. This issue goes back several administrations. For example,

• Just about all federal workers will get a pension. Where is this liability of $200 billion or so shown on the government's financial statements?
• Why does the government not invest the social security taxes instead of considering it an offset to the deficit?
• Just how much should we be putting away for the costs of Social Security and Medicare when the boomers really get old? It looks as though these obligations increased by $3 trillion this past year.
• Why don't we keep the books on a true accrual basis?

Why do we have such trouble seeking the truth?