Bill Gates Compares Municipal Accounting To Enron

March 8, 2011

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Notes:

  • States are using account gimmicks to pretend budgets are balanced
  • Enron would never have been so bold to try the same accounting
  • Borrow when they aren’t supposed too, make taxpayers pay more than they owe for a temporary cash boost, defer payments to schools requring them to borrow from credit markets, sell off future tobacco tax revenues to get money up front.
  • California has set aside $3 million for future health care liabilities of $62.5 billion
  • Choice is going between funding for the old, or the young for education

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