Missing Money

For all its advances in science and technology, the US severely lacks any accounting skills. How else could one explain its rising debt that has now reached almost $17 trillion of which the government has no explanation for the $12.5 trillion spent. While it sounds hard to believe, an audit in 2003 revealed that the US government had lost 56 planes, 32 tanks and 36 missile launching units along with a $1 trillion dollars. Even worse is the $ 20 billion cash that was shrinking wrapped and flown to Iraq for rebuilding purposes, of which the Iraqi government claims that $ 18.7 billion was never reached them. The US government covers all these additional expenditures over budgets with unsupported adjustments or simply calls them expenditures in the name of ‘national security’ which need not be made public. Only 4 of 24 government institutions comply with federal accounting standards and you must check this infographic to see where else is the US draining away money.