by Newt Gingrich
The new audit report about the Department of Defense is another signal that the Pentagon needs reform a lot more than it needs extra money. As the Hill reports, “1,600 auditors combed through DOD’s $3.8 trillion in assets and $4 trillion in liabilities, conducting some 700 site visits.”
Defense, like all government agencies, has to submit to mandatory audits, thanks to reforms passed in the early 1990s. The auditors “found that half of DOD’s assets can’t be accounted for,” the Hill adds.
Think of that statement for a minute. An estimated $1.9 trillion in defense assets can’t be accounted for. How much confidence can we have in a Department of Defense which can’t keep track of trillions of dollars’ worth of equipment and other assets?
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