Source: Lew Rockwell | VIEW ORIGINAL POST ==>
The Liberal left are miserable given Trump’s statement regarding his desire to eliminate the Department of Education; children will have no schools – there will be no money for special needs – our education system will collapse… It already did.
The Department of Education: Their last audit for September 2023 financial statements was a disclaimer – “KPMG has not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion because of unresolved errors KPMG identified in the underlying data, we do not express an opinion”.
In the world of accounting this means KPMG, the auditor, is covering their arse because the financials are ‘misleading and/or unrepresentative of truth’. The Financial Statements did NOT delineate expenditures – in any definable mode. Although it did assign $812 million to ‘unknown and improper loss to Taxpayers while identifying “Climate Related Financial Risk”
They spent $100 million on ‘equity’ K thru 12. Their largess liability is loans which is what they owe back to the Treasury for over-spending. Their largest Receivable is student loan debt which they are cancelling. Meaning they could effectively add an additional $1.3 trillion to the Treasury Deficit if they successfully write-off their entire Asset Base.
Income and expense statements typically provided in every financial report are non-existent, MIA. There is no breakdown of departmental use of funds – which could be a huge basis for KPMG refusing to grant them an audited opinion. They Are Rogue. And ANY low life accountant would fear having ANY relation with such a dervish entity given liability and LAWSUITS.
The entirety of their Assets are based on Loan Receivables to students which continue to be forgiven under the Biden Regime. In 2023 that amount was $94 billion. The Department’s appropriation of $881 billion in CoVid funds represents nearly 1/5 of the total $5 trillion. $6.4 billion of CoVid aid was sent overseas. CoVid funds cannot be traced or accounted for – by the Government Accounting Office.
The government being handed to Trump is a veritable Financial nightmare – MESS. More than we can possibly realize – it is based on fraud. Every agency tied to The West is based on Fraud (including NATO which I previously posted in a blog). The money doesn’t exist. The debt is likely 500times what is revealed as a direct result. The US is literally well beyond broke and is hoping to blame it on Trump when reality sets in.
Running America on the backs of lawyers instead of monetary fiscal accounting and economics is our demise. Lawyers have zero proficiency in finances, taxes or economics.. As a result, they created the Government Accounting Office.
Gene Dodaro is head of the Government Accounting Office. He has a BA in liberal Arts. But to make it all make sense – they gave this BA of liberal Arts, Dodaro, a few awards to elevate his appearance of diligence. In the Accounting world – a BA is liberal arts – a BS degree is quantitative Accounting. He is NOT an Accountant. He is NOT a CPA. He is NOT an Economist.
Having graduated college in 1973, he worked his entire career within the federal government. His title in the GAO is “Comptroller”. In the real world, Comptrollers are responsible for the preparation of all balance sheets, income statements, internal controls and audits. The previous US Comptroller was David Walker, a CPA who also completed the CAPSTONE program for flag rank military officers.
As a former CPA/Comproller/Finance Director – we used to joke about small corporations hiring their wife’s, sister’s best friend who knew someone who took a couple bookkeeping classes in high school. To save money. But we are talking about our Federal Government hiring incompetents who have never actually worked in any capacity as an accountant – running the financial apparatus of our entire COUNTRY.
It makes sense IF the reason was exactly because he was uneducated, an appointment originated by Obama. It portends to the extant of financial MESS throughout every single government agency for which KPMG is the ONLY auditor.
NATO fails its audits – our government agencies fail their audits – the Department of Defense is missing $33 trillion – no wonder they need to confiscate Syria’s Oil and Ukraine’s $13 Trillion in resources! To Cover Their ARSES. To use war as diversions from the financial devastation that they blame on Social Security!
How Dare THEY!
In essence, Dodaro was chosen specifically for his LACK of acumen. He never held a job in accounting, or finance, or economics, or anything prior to assuming his position in the government. Trump is inheriting this – he will be tasked with fixing it – and be blamed for its crisis levels.
The first federal student loans were made available in 1958 through the National Defense Education Act (NDEA). Eisenhower was president. The Eisenhower who Patton claimed wanted the US to lose WWII. The NDEA was a response to the Soviet Union’s launch of Sputnik and was intended to help the US compete in science and technology. The loans were only available to certain students, such as those studying engineering, science, or education.
Reprinted with permission from HelenaGlass.net.
