Department of Education & the GAO; Audits & Incompetence
The Liberal left are miserable given Trump’s statement regarding his desire to eliminate the Department of Education; children will have no schools – there will be no money for special needs – our education system will collapse… It already did.
The Department of Education: Their last audit for September 2023 financial statements was a disclaimer – “KPMG has not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion because of unresolved errors KPMG identified in the underlying data, we do not express an opinion”.
In the world of accounting this means KPMG, the auditor, is covering their arse because the financials are ‘misleading and/or unrepresentative of truth’. The Financial Statements did NOT delineate expenditures – in any definable mode. Although it did assign $812 million to ‘unknown and improper loss to Taxpayers while identifying “Climate Related Financial Risk”
They spent $100 million on ‘equity’ K thru 12. Their largess liability is loans which is what they owe back to the Treasury for over-spending. Their largest Receivable is student loan debt which they are cancelling. Meaning they could effectively add an additional $1.3 trillion to the Treasury Deficit if they successfully write-off their entire Asset Base.
Income and expense statements typically provided in every financial report are non-existent, MIA. There is no breakdown of departmental use of funds – which could be a huge basis for KPMG refusing to grant them an audited o
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
