Pentagon fails audit for sixth year in a row
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Pentagon fails audit for sixth year in a row
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Re: Pentagon fails audit for sixth year in a row
#2> While there are still three outstanding audits not yet wrapped up, the DoD reported that the remaining 18 failed, including the Defense Advanced Research Projects Agency and National Security Agency.
Here's my surprised face: - _ -
Re: Pentagon fails audit for sixth year in a row
#3Can anyone explain to me why it is awful for a person to live in debt but it is okay for the federal government to do so? I've never understood this in the least, other than the "kick the can down the road, America superpower backed by military blah, blah, blah" very weak argument. History is full of the carnage of failed empires that had this same idea.
https://fred.stlouisfed.org/series/GFDEBTN
32 trillion in debt seems insurmountable, has anything like this ever reversed course historically?
Re: Pentagon fails audit for sixth year in a row
#4It's important to understand the history here. Failing the audit isn't necessarily due to some sort of fraud or abuse (although there likely are isolated instances). The problem is that for decades Congress never allocated funds to put proper financial controls in place so naturally the accounting systems are a disconnected jumbled mess. When they started annual audits everyone knew they would fail so that was no surprise. The point is to make gradual improvements every year until they can eventually pass.
Re: Pentagon fails audit for sixth year in a row
#5It's important to understand the history here. Failing the audit isn't necessarily due to some sort of fraud or abuse (although there likely are isolated instances). The problem is that for decades Congress never allocated funds to put proper financial controls in place so naturally the accounting systems are a disconnected jumbled mess. When they started annual audits everyone knew they would fail so that was no sur…
Yeah but with that in mind it’s a good thing that new outlets roll with this “failed audit” as it puts pressure to constantly be trying to do better and this slowly helps to rule out corruption or incompetence
Re: Pentagon fails audit for sixth year in a row
#6Can anyone explain to me why it is awful for a person to live in debt but it is okay for the federal government to do so? I've never understood this in the least, other than the "kick the can down the road, America superpower backed by military blah, blah, blah" very weak argument. History is full of the carnage of failed empires that had this same idea. https://fred.stlouisfed.org/series/GFDEBTN 32 trillion in debt…
I don't think it's 'awful' for a person to live in debt. The richest Americans have loads of debt. A significant part of the American Dream is to own a house which is essentially debt. Perhaps the argument is more about whether the US government is drowning in debt more akin to CC debt (bad debt) or mortgage debt (good debt) but in the abstract, leverage is a perfectly fine thing for a government to use in order to fund its development.
Re: Pentagon fails audit for sixth year in a row
#7Can anyone explain to me why it is awful for a person to live in debt but it is okay for the federal government to do so? I've never understood this in the least, other than the "kick the can down the road, America superpower backed by military blah, blah, blah" very weak argument. History is full of the carnage of failed empires that had this same idea. https://fred.stlouisfed.org/series/GFDEBTN 32 trillion in debt…
Small correction: it’s awful for a poor person to live in debt. If you are quite wealthy there are lots of ways to borrow money and it’s all good!
Re: Pentagon fails audit for sixth year in a row
#8Can anyone explain to me why it is awful for a person to live in debt but it is okay for the federal government to do so? I've never understood this in the least, other than the "kick the can down the road, America superpower backed by military blah, blah, blah" very weak argument. History is full of the carnage of failed empires that had this same idea. https://fred.stlouisfed.org/series/GFDEBTN 32 trillion in debt…
So I don’t know if what the government is doing is the best long term decision. But the US’s national debt could be compared to a mortgage. And the government’s income is massive so they can be in trillions of debt without it exceeding what they can reasonably pay off (never paying it all off, but paying off individual loans).
So by your analogy, is it actually bad for a normal person to be in debt? Normal people have mortgages.
Re: Pentagon fails audit for sixth year in a row
#9Ha ha
Re: Pentagon fails audit for sixth year in a row
#10It's important to understand the history here. Failing the audit isn't necessarily due to some sort of fraud or abuse (although there likely are isolated instances). The problem is that for decades Congress never allocated funds to put proper financial controls in place so naturally the accounting systems are a disconnected jumbled mess. When they started annual audits everyone knew they would fail so that was no sur…
Sure, let me use that excuse with the IRS and this how it works.