US National Debt Surges Past $38 Trillion, Raising Global Fiscal Concerns

The United States gross national debt recently surged past the $38 trillion mark, prompting widespread concern among economists and policymakers. According to official figures, the national debt has reached $38.02 trillion, sparking renewed calls for fiscal responsibility and debt reduction. The milestone has been met with alarm by some commentators, who argue that the country's financial situation is unsustainable. However, a former U.S. congressman who was elected in 1984 on a platform of fiscal responsibility and was the first practicing certified public accountant (CPA) to serve in Congress has sounded a more nuanced warning. The congressman, who authored the Chief Financial Officers (CFO) Act of 1990, argues that the true extent of the national debt is unknown due to the lack of full Generally Accepted Accounting Principles (GAAP) at the federal level. "We will never truly know what the national debt really is, or tackle it effectively, unless we adopt full-GAAP accounting at the federal level," the congressman stated. The congressman's concerns are echoed by some international experts, who point out that the United States is not alone in its use of non-standard accounting practices. Many countries, including some major economies, do not adhere to GAAP or other widely accepted accounting standards. "The lack of transparency and consistency in national accounting practices is a global issue, not just a U.S. problem," said a senior economist at the International Monetary Fund (IMF). "It makes it difficult to compare and analyze fiscal performance across countries." The U.S. government's use of non-standard accounting practices has been a long-standing issue. The congressman's authorship of the CFO Act of 1990 was an attempt to bring professional accounting and auditing standards to the federal level. However, the Act has not been fully implemented, and the use of non-standard accounting practices continues to this day. The congressman has argued that the lack of transparency and consistency in national accounting practices has hindered efforts to address the national debt and improve fiscal management. Despite the concerns, the U.S. government has shown no signs of adopting full-GAAP accounting at the federal level. The current administration has instead focused on reducing the national debt through a combination of spending cuts and tax increases. However, some experts argue that this approach is insufficient and that a more comprehensive overhaul of the national accounting system is needed. "The current approach is like trying to treat a symptom rather than the underlying disease," said a leading economist at a major think tank. "We need to address the root causes of the national debt, including the lack of transparency and consistency in national accounting practices." The national debt is expected to continue to grow in the coming years, with some estimates suggesting that it could reach $40 trillion by the end of the decade. The issue has significant implications for the U.S. economy and global financial markets, and it remains to be seen whether the government will take steps to address the underlying issues.