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Robert Dacey, chief accountant at the Government Accountability Office, outlines a new report on the government’s finances, and why they’re “unsustainable.” According to a new report by the Government Accountability […]

Robert Dacey, chief accountant at the Government Accountability Office, outlines a new report on the government’s finances, and why they’re “unsustainable.”


According to a new report by the Government Accountability Office, the government’s financial outlook isn’t great. Accountants at the agency combed through financial statements and found that current spending trends are “unsustainable.” Robert Dacey, chief accountant at GAO says that the government’s path needs to change.   “When putting together the model, it shows that the expenses will exceed the receipts long term, and our debt to GDP will increase over the 75-year horizon, increasing to over 500%. That’s really the issue on the sustainability, because as debt grows over time, it is an unsustainable situation.” Dacey said. “There are a number of measures in the financial statements to communicate that. Probably the more significant one is the fiscal gap, which says ‘How much do we need to increase revenues or decrease spending in order for us to keep the debt as a percent of GDP the same at the beginning of 75-years as at the end. Those numbers demonstrate that we need to close the gap, if it is by revenue increases only, about 22%, and if it was spending reductions only, it will be about 19%.”

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