UNIVERSITY OF TEXAS ACCOUNTING PROF. MICHAEL GRANOF: Released to Near Silence, the U.S. Treasury 2009 Financial Report Shows Dire Course.

If you listen to certain politicians and talking heads you might get the impression that the federal fiscal sky is falling. Unfortunately, unlike Chicken Little, they may be right.

The Treasury Department recently issued the 2009 financial report of the United States government. Whereas there is lots of talk in Congress and in the press about the federal budget, the annual report was released to near silence. That’s too bad, not only because the annual report is untainted by creative accounting but also because its message is too important to ignore.

That message is that the sky is indeed falling.

Uh oh. On the other hand, Obama is optimistic.

UPDATE: Site seems to be down, but here’s the Google Cache version.

From the bio: “Michael Granof is the Ernst & Young Distinguished Centennial Professor in Accounting at McCombs. He is currently serving a five-year term on the Federal Accounting Standards Advisory Board. The views expressed herein are his own, not necessarily those of the Board.”