Because of inherent shortcomings, the government GAAP as used by New York City and Illinois to calculate their budgets has resulted in continued financial instability and shoddy budgeting practices, which are reinforced by GAAP.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
So does this basically mean fraud is OK. I’m shocked.
It is not ok when it is Enron or Worldcomm (and it shouldn’t be). But it is ok with many government entities.