Friday, December 17, 2004 The federal budget is a bizarre mess, with unique bookkeeping practices that make it almost impossible for an outsider—or even most insiders—to figure out what's really going on. If corporations produced numbers like these, jail cells would be filled with CEOs. But Washington doesn't impose laws like Sarbanes-Oxley reform legislation on itself. It does whatever it wants.So I love the debate about proposals to "reform" federal budget accounting to ignore the impact of proposed Social Security personal accounts. As you know, the argument is that letting people set up personal accounts is actually a federal investment, not an expense, because the accounts let government save money in the long run by reducing future Social Security expenditures. Fuzzy Math Previous articles Snow wants measured Sarbanes-Oxley enforcement-WSJ...
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