From the Institute for Truth in Accounting…
Chicago (November 29, 2010) Today, the Institute for Truth in Accounting released Wisconsin’s “Financial State of the State.” After an intensive review of the State’s 2009 audited financial report, the Institute determined the State is in a precarious financial position because it does not have the funds available to pay more than $14.4 billion of the State’s commitments as they come due. Each taxpayer’s share of this financial burden equals $7,400.
Wisconsin law requires a balanced State budget. “If governors and legislatures had truly balanced the State’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA). She continued, “A State budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting Issues: Wisconsin’s “Financial State of the State””
The Illinois Democrat candidate for Senate, Alexi Giannoulias, wasn’t too keen of admitting it but he was in Vancouver, Canada over the weekend at a fund-raiser at a trial lawyer’s convention. Along with a dozen other Democrats, the candidate was in Canada to rake in thousands in donations from trial lawyers who know what side of their bread is buttered, for sure.
