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Wednesday, January 26, 2011

Obama's Enron Accounting

President Obama's State of the Union speech promises the illusion of fiscal sanity, without truly addressing the problems that obscene federal government spending over the last decade has created.

My concern is summed up well by this quote from Texas congressman Jeb Hensarling:

"It strikes me as too little, too late. After this huge inflation of spending, he's willing to level-fund it. If that's his idea of fiscal responsibility, this nation is in deep trouble."
Another concern is that such promises of fiscal restraint are often fulfilled, in practice, by the use of unfunded mandates to shift the fiscal burden to other parties.  That is the equivalent of major multinational companies creating special purpose entities -- often, offshore to evade tax reporting requirements -- to which unwanted assets and liabilities would be shifted.  Think:  Enron.

Eric Dixon is a New York lawyer and strategic consultant.  His opinions are neither legal advice nor representative of any client or organization with which he is affiliated.








 

 

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