Potential Concerns Regarding SEC Compliance: Analysis of Governor J.B. Pritzker’s Pension Funding Disclosures

APRIL 25, 2025

In 2013, the Securities and Exchange Commission (SEC) charged the State of Illinois with securities fraud for misleading municipal bond investors about its pension funding obligations. The SEC’s investigation found that Illinois, between 2005 and 2009, misrepresented the risks associated with its pension funding schedule when offering more than $2.2 billion in municipal bonds. The state failed to disclose that its statutory plan significantly underfunded pension obligations, thereby increasing financial risks. In 2013, Illinois agreed to a cease-and-desist order to resolve SEC charges under Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933. (link to the SEC Cease-and-Desist Order)

The CPA Education Gap: Why Future Accountants Aren’t Learning How Government Really Works

APRIL 24, 2025 | by Judi Willard

This disconnect is precisely why Truth in Accounting's work is so essential—and why education reform is a crucial part of the long game. If we want financial transparency in government, we need to teach future accountants, journalists, and citizens how the system actually works.

Despite the critical role state, local, and federal governments play in managing trillions of taxpayer dollars, most accounting students graduate without ever learning how public finances are actually reported.

 

Why Government Accounting Reform Is Foundational to Economic Policy

APRIL 24, 2025

Behind every economic policy—from infrastructure to healthcare, from tax cuts to social programs—is a budget. And behind every budget is an assumption about what money exists to spend. But what if those numbers aren’t telling the truth?

For decades, state and local governments have masked massive debts through accounting tricks and budget gimmicks, claiming balanced budgets while racking up unfunded pension and healthcare liabilities in the hundreds of billions.

This isn’t just an accounting problem—it’s a policy problem.

Budgeting Gimmicks and Misleading Financial Practices

APRIL 24, 2025

Despite laws requiring balanced budgets, state and local governments have long concealed the true costs of government through misleading budgeting and accounting practices. This lack of transparency has led to a dangerous cycle: when crises like the COVID-19 pandemic or the 2008 housing collapse occur, the federal government is compelled to bail out state and local governments with billions of taxpayer dollars. 

Tariff chaos leaves its mark on US debt costs

APRIL 15, 2025 | REUTERS

It’s too soon to tell whether the recent selloff in U.S. government debt reflects an exodus of overseas investors. Yet there are early signs that something is afoot. The sheer scale of possible future moves makes it a scenario that investors – and Uncle Sam – must contemplate.

Financial State of the Union 2025

APRIL 15, 2025

According to the most recent audited Financial Report of the U.S. Government, our nation’s true debt has climbed to $158.6 trillion, burdening each federal taxpayer with $974,000.

Here’s How Much Elon Musk and DOGE Could Save You as a Taxpayer

APRIL 12, 2025 | YAHOO! FINANCE

Since its inception, DOGE has saved $931.68 per taxpayer — a total of $150 billion — according to the agency’s website, as of April 11.

Truth in Accounting’s Sheila Weinberg on Illinois’ pension mess and whether budgets are ‘balanced’

APRIL 5, 2025 | WIREPOINTS

Public Affairs’ Jeff Berkowitz sits down for a conversation with Sheila Weinberg, Founder and CEO of “Truth in Accounting,” since 2002 and whose mission is to compel governments to produce financial reports that are understandable, reliable, transparent and correct. Sheila Weinberg received her Certified Public Accountant, also known as a CPA, credential in 1981, along with a Bachelor of Accounting degree from the University of Denver, which she attended on an academic scholarship. Ms. Weinberg’s research initiatives include “The Truth about Balanced Budgets, a Fifty State Study,” the Financial State of the States and the Financial State of the Union.

Another US debt downgrade could be coming

MARCH 31, 2025 | YAHOO! FINANCE

The ratings agency Moody’s joined many other debt watchdogs recently in expressing alarm at the rapidly deteriorating fiscal situation of the US government. Moody’s still rates US debt as AAA, the highest level, but in 2023 it lowered its outlook from stable to negative. Two other rating agencies, Standard & Poor’s (S&P) and Fitch, have already cut the US rating one notch, from AAA to AA+.

U.S. economy grew 2.4% in the 4th quarter after upgrade in final growth estimate

MARCH 27, 2025 | AP NEWS

The U.S. economy expanded at a healthy annual 2.4% pace the final three months of 2024, supported by a year-end surge in consumer spending, the government said Thursday in a slight upgrade of its previous estimate of fourth-quarter growth.

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