Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
Failed Governor Pritzker Has An Embarrassing, Sweaty, Red-Faced, Fat-Kid Temper Tantrum, When Critics Point Out The Fraud In His Fake Budget Projections – Crain’s Chicago Business
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The crux of the matter is the differences between FASB (financial accounting standards board) and GASB (government accounting standards board) accounting rules. Businesses and individual a required to follow FASB which recognizes income (money brought in), liabilities (what you owe). If you borrow money, the income is recognized, but so is the liability (money has to be paid back). So they essentially offset one another. Governments follow GASB which has standards that don’t require all liabilities (like pension debt) be included. Some might call it lack of transparency or slight of hand – but it’s following GASB standards. Fortunately for… Read more »