It was suggested that I could strengthen the logic of my last article, “To Record or Not to Record; Is that the Question?” which remains available at https://montanadecides.substack.com if you have not read it, by building on the principle that greater transparency helps to ensure accountability. The reason? It is in the individual’s self-interest to have more information about issues that are relevant to them and serves the common good to have more people who are better informed. A great suggestion hence this article which serves as a critical example.
Truth in Accounting (www.truthinaccounting.org), a 501(c)(3) committed to educating citizens with transparent government financial information, agrees that to be knowledgeable participants in their government and its budget process, citizens need truthful and transparent financial information. Unless you live under a rock, you know that the U.S. Government owes more than it owns, and it worsens by the day regardless of who is in power. According to a Truth in Accounting report as of March 2022, the US Government had a $133.38 trillion financial hole when including unfunded Social Security and Medicare promises. To fill it, each taxpayer would have to send $836,000 to the federal government.
Montana also owes more than it owns. According to a state-specific report from Truth in Accounting from September 2021, Montana had a $1.1 billion financial sink hole of its own. To fill it, each Montana taxpayer would have to send $3,200 to the state. Montana’s reported net financial position was overstated by approximately $414 million, largely because the state delays admitting the losses it incurred when the state’s net pension liability increased. It is worth noting that the state’s financial report was released 206 days after its fiscal year end, which is considered untimely according to the 180-day standard. Accountability matters, but will it if the people of Montana know nothing and/or do nothing?
