Pentagon Racks up $35 TRILLION in Accounting Hacks in One Year

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By Anthony Capaccio

Money is double or triple-counted as it moves between accounts.  Adjustments underscore weakness in Defense Department systems. The Pentagon made $35 trillion in accounting adjustments last year alone — a total that’s larger than the entire U.S. economy and underscores the Defense Department’s continuing difficulty in balancing its books.

The latest estimate is up from $30.7 trillion in 2018 and $29 trillion in 2017, the first-year adjustments were tracked in a concerted way, according to Pentagon figures and a lawmaker who’s pursued the accounting morass.

The figure dwarfs the $738 billion of defense-related funding in the latest U.S. budget, a spending plan that includes the most expensive weapons systems in the world including the F-35 jet as well as new aircraft carriers, destroyers, and submarines.

“Within that $30 trillion is a lot of double, triple, and quadruple counting of the same money as it got moved between accounts,” said Todd Harrison, a Pentagon budget expert with the Center for Strategic and International Studies.

The Defense Department acknowledged that it failed its first-ever audit in 2018 and then again last year when it reviewed $2.7 trillion in assets and $2.6 trillion in liabilities. While auditors found no evidence of fraud in the review of finances that Congress required, they flagged a laundry list of problems, including accounting adjustments.

Read Full Story on Bloomberg.com

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3 COMMENTS

  1. Whatever . . . and I mean WHATEVER Bloomberg is having . . . I’d like me some of that!!
    $35 Trillion in a year? They don’t say . . .

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