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America’s Dangerously Opaque Public Accounting Systems

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  • Avantika Chilkoti

Abstract

The current global economic crisis has highlighted the problems that result from governments’ archaic and erroneous accounting practices. The Financial Report of the United States Government is scrutinised with the same pedantry that an auditor or long-term investor uses when studying the financial statements of a listed company. What emerges is an all too clear picture of the extent and the root of America’s economic crisis. USA Inc. is found to have a net worth of minus $44 trillion, a symptom of unfunded liabilities that have grown as entitlement expenditure has rocketed. As well as changes in policy, it is the external auditing of government accounts that is suggested as a potential panacea for this global epidemic.

Suggested Citation

  • Avantika Chilkoti, 2012. "America’s Dangerously Opaque Public Accounting Systems," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 13(1), pages 75-82, January.
  • Handle: RePEc:wej:wldecn:508
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
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    3. Brian Sturgess, 2010. "Greek Economic Statistics: A Decade of Deceit," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(2), pages 67-100, April.
    4. Jamal Ibrahim Haidar, 2009. "The mark-to-market valuation and executive pay package regulations within the 2009 US (Bailout) Emergency Economic Stabilization Act," Journal of Economic Policy Reform, Taylor and Francis Journals, pages 189-199.
    5. World Bank, 2010. "Global Economic Prospects 2010 : Crisis, Finance, and Growth," World Bank Publications, The World Bank, number 2415.
    6. Haidar, Jamal Ibrahim, 2012. "Currency crisis transmission through international trade," Economic Modelling, Elsevier, vol. 29(2), pages 151-157.
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