Editor
My blogs
| Gender | Male |
|---|---|
| Location | United States |
| Introduction | I have a B.S./Accounting, MBA & 12 years exp. in accounting, finance and mgt. positions and know what it takes to keep a company running. Unfortunately, Congress and the President's fiscal actions since 2008 raise the accounting issue of Going Concern, which holds that "in the absence of evidence to the contrary, accountants assume that entity operations will continue for a reasonable period of time; that is, the entity will not be liquidated in the near future." Factors will vary in importance and may not be individually significant. Collectively or in partial combination with each other, however, they may tell a great deal about the future prospects of a business. In our case, the facts paint the succinct picture of "It's not IF the U.S. defaults, but WHEN." The current situation of the U.S. tends to exacerbate the seriousness and significance of the negative evidence. For example, how would you rate the probability of our public masters (No longer servants. To understand, please read The Road to Serfdom) adequately addressing our debt when 2011's debt default episode's resolution ONLY reduced the deficit rate <3%? |