Disclose All Government Debt in Total Public Debt and Budgets

Many items of public debt are never kept on the books for the public to see. Items such as Fannie Mae and Freddie Mac obligations, for example.

As long as Uncle Sam guarantees the payment of any obligation, that debt ought to be part of each year’s budget calculation and the entire public debt.

Remember Enron? And Citigroup, as well as other big banks who were bailed out with taxpayer funds? Keeping heavy debts apart from regular government business is what hides real problems that eventually catch up with financial reality.

Financial hocus-pocus such as this is the means whereby politicians are able to hoodwink the public. In private business, the culprits would all wind up in jail.