May 18, 2020 — While the attention of many is on efforts to Reopen Illinois’ economy, Shelia Weinberg’s focused on the growing evidence of Illinois’ financial stability being in danger of collapse.
What was already a desperate financial situation is growing incredibly worse every week the economy is closed, with BILLIONS in lost revenues to the state,
Weinberg founded Truth In Accounting, a nonprofit that is nonpartisan, but one whose mission it is to give citizens the unvarnished truth about the financial condition of governments. Her group analyzes Federal, State and local governments, using “Generally Accepted Accounting Principles, or GAAP.
Governments frequently ignore accounting principles. Weinberg referrs to the numbers generated by government accountants, as using “Political Math.”
What the REAL numbers show, says Weinberg, is that if the state of Illinois were a business, it would be bankrupt. Now, with the Covid19 shutdown of the economy, the massive loss of revenues combined with the need for greater state spending on unemployment, and healthcare costs, means saving Illinois from financial ruin, will take a massive change in the way government is operating, spending and accounting for that spending.
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