Fiscal Responsibility Is National Security: The consequences of fiscal mismanagement extend far beyond accounting. Rising interest payments on the national debt now exceed defense spending, eroding funds available for critical priorities. "Every mismanaged dollar weakens our national security, burdens taxpayers, and undermines public trust," founder and president of Truth In Government and former US Congressman Joe DioGuardi warned.
NEW YORK, Dec. 12, 2024 /PRNewswire-PRWeb/ -- Truth In Government, a nonprofit watchdog founded in 1989 by former U.S. Congressman Joseph J. DioGuardi, today issued a call to action for the United States to address its mounting national debt and systemic fiscal mismanagement. Highlighting the continued audit failure of the Department of Defense (DoD) and the U.S. government's incomplete implementation of the Chief Financial Officers (CFO) Act of 1990, DioGuardi emphasized the urgent need for transparency, accountability, and adherence to Generally Accepted Accounting Principles (GAAP).
"As the original author of the CFO Act, I envisioned a government where every dollar spent is accounted for with the same rigor as the private sector," DioGuardi said. "More than 30 years later, the Pentagon's inability to account for trillions of dollars in assets and expenditures is a national wake-up call. This isn't just a problem for the DoD—it's emblematic of a much larger issue with how the federal government reports and manages its finances."
The federal debt, officially reported at $33 trillion in 2024, does not fully reflect the government's true financial commitments. Trillions in unfunded liabilities for Social Security and Medicare remain off the books, leaving Americans in the dark about the nation's complete fiscal health. "Without GAAP, we are essentially flying blind, unable to manage or quantify our long-term obligations effectively," DioGuardi stated.
Fiscal Responsibility Is National Security
The consequences of fiscal mismanagement extend far beyond accounting. Rising interest payments on the national debt now exceed defense spending, eroding funds available for critical priorities. "Every mismanaged dollar weakens our national security, burdens taxpayers, and undermines public trust," DioGuardi warned. "The Pentagon's audit failures are a glaring symptom of broader fiscal negligence that jeopardizes America's future." Indeed, ten years ago, DioGuardi spoke truth to power when he addressed the Reagan National Defense Forum (November 16, 2014) and reminded everyone that "accounting is not rocket science," and that proper accounting was needed as the very basis upon which the underlying problems of America's national debt could be addressed.
DioGuardi called on Congress and the incoming administration to make fiscal responsibility a national priority. Truth In Government urges the following actions:
- Mandate Full GAAP Implementation: Require all federal agencies, including the DoD, to adhere to GAAP, the gold standard for accounting in the private sector.
- Comprehensive Financial Reporting: Include unfunded liabilities in federal financial statements to reflect the true scope of national debt.
- Reform Entitlement Programs: Address the looming insolvency of programs like Social Security with bipartisan reforms that ensure sustainability for future generations.
- Modernize Federal Accounting Systems: Invest in technology and training to bring federal accounting and budgetary practices into the 21st century.
A Call to Action: DOGE Cannot Succeed By Dodging Out This Problem
"The Pentagon's seventh failed audit must not just be another headline—it must be a turning point," DioGuardi said. "This is not about spreadsheets; it's about preserving America's economic stability and ensuring a secure future for all Americans."
Truth In Government is committed to fostering fiscal accountability across all branches of government. The nonprofit will continue advocating for the implementation of rigorous accounting standards and the transparency needed to restore public trust and investor confidence. In this context, Truth In Government will convene a national conference in January 2025 in which like-minded leaders will get together to raise their voice about the urgent need to save America from drowning in its own debt.
"Fiscal responsibility is national security," DioGuardi concluded. "If we fail to fix the books, we fail to protect the economic foundation of this nation. America cannot afford anything less."
As the new Trump Administration gets ready to take office, for its newly created DOGE (Department of Government Efficiency) to have the impact President-elect Trump envisions, both Mr. Musk and Mr. Ramaswamy should be starting their new jobs by tackling the very core of America's ever-growing debt—fixing the books, first and foremost.
About Truth In Government
Founded in 1989 by former U.S. Congressman Joseph J. DioGuardi, Truth In Government is a nonprofit organization dedicated to promoting fiscal responsibility, transparency, and accountability within the federal government. DioGuardi, a CPA and fiscal reform advocate, authored the CFO Act of 1990 and continues to push for reforms that ensure every taxpayer dollar is spent wisely and accounted for accurately. Learn more at www.truthingovernment.org
Media Contact
Tony Bislimi, PhD, Truth In Government, 1 7808021256, [email protected], www.truthingovernment.org
SOURCE Truth In Government
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