Stiglitz on Accounting tricks around the globe

[Steven Hertzberg]

What is Bush attempting to achieve through this slight-of-hand? (see
Stiglitz quote below)  Were previous annual gov't accounts inaccurate,
or is Bush attempting to put pressure on future social spending?

Stiglitz quote from referenced article -  "Indeed, last year saw [the
Bush administration execute] what may be the largest accounting fraud
ever conducted, as a mega-surplus of more than $3 trillion for the years
2002 to 2011 was transformed into a $2 trillion deficit."

_________________________________
Steven Hertzberg

-----Original Message-----
From: owner-lbo-talk at lists.panix.com
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Sent: Tuesday, October 01, 2002 7:08 AM
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Subject: Stiglitz on Accounting tricks around the globe

The Economic Times

TUESDAY, OCTOBER 01, 2002

Accounting tricks around the globe

JOSEPH STIGLITZ

The Arthur Andersen and Enron scandals in America have focused attention
on the problems of accounting in private businesses. But the scale of
this corruption should not blind us to the problem of public sector
accounting, where many deceitful things are also being done.

Accounting rules are designed to provide standardised frameworks within
which the financial position of a firm, or government, can be assessed.
Bad accounting frameworks always lead to bad information, and bad
information leads to bad decisions, with serious long term consequences.
This is true in the public as well as the private sector.

http://economictimes.indiatimes.com/cms.dll/articleshow?artid=23797692