Institute Releases 'Financial State of the Union', Revealing Troubling Truth About US Finances

Institute for Truth in Accounting challenges presidential candidates to face the truth about our nation's finances

Chicago- Today, the Institute for Truth in Accounting released its annual"Financial State of the Union," a roundup of the nation's true debt numbers-numbers that the nation's Comptroller General, David Walker, has frequently referred to as "a fiscal cancer."

"Tonight, the president may mention the nation's 'trust funds,' and that we are $9 trillion in debt," said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting (IFTA).  "That sounds bad enough-but the truth is far worse.  Together with unfunded liabilities and promises to our retirees, we're in the hole for $55 trillion.  We need to understand this truth before we can move forward with any of the President's new proposals, not to mention the proposals of the current presidential candidates."
"The numbers are mind-boggling, and yet no major presidential candidate is addressing the problem.  No one knows where we'll get the money to handle these liabilities," Weinberg added. "The first step in solving our financial crisis is to have an honest accounting of where we are at."

The Financial State of the Union, available at, provides this accounting by outlining the financial situation of the United States, including unfunded liabilities for Social Security, Medicare, and other retirement benefits.  The report, which is available in a one-page, downloadable PDF format, is designed to draw attention to our true financial situation at the time of the President's landmark address.

"Our goal is to bring accurate numbers into the public sphere and particularly into the public debate in this election year," Weinberg added.    "Our nation faces profound fiscal challenges, and they need to be addressed now.  They can no longer be swept under the rug."

The Institute for Truth in Accounting is the sponsor of Truth in 2008, a national campaign to bring awareness to our nation's pressing financial issues. For more information, contact Sheila Weinberg at 847-835-5200 or visit

About the Institute for Truth in Accounting

The Institute for Truth in Accounting (IFTA) is dedicated to promoting honest, accurate, and transparent accounting at all levels of government.   As a non-partisan, non-profit organization, the IFTA works to expose accounting deficiencies while promoting better, more accessible delivery of accurate government financial data-and, in turn, providing a foundation for more informed public policy. The IFTA provides its expertise to develop more effective accounting standards and deliver accurate government financial information to policymakers, opinion leaders, and citizens so that they can work for a more secure financial future. To learn more, please visit our website at