This is an interesting and scary assessment of this county’s financial condition and it isn’t pretty. It talks about how the feds account for our money. I’ll explain cash accounting and accrual accounting if you don’t know how that works. Currently we are using a cash based accounting - think of this like you checkbook accounting - simply what’s counted is what come in and what goes out…that’s it. Accrual accounting (real picture) takes what comes in and what goes out , and then like your household budget, accounts for credit card debt, house mortgage balances, loan balances, similar to an assets vs liabilities report.

Tolling the warning bell

Walker recently told a TV news magazine that “the federal government’s fiscal crisis is so great that it threatens the future of the republic. . . . [T]he most serious threat is not someone hiding in a cave in Afghanistan or Pakistan, but our own fiscal irresponsibility.”