Tags: dioguardi | kara | senate | american | idol | gillibrand

DioGuardi: Bring Good Accounting to Government

Wednesday, 08 Sep 2010 03:18 PM

By Dan Weil

The government needs to conform its accounting to the same generally accepted accounting principles it requires of companies, says Joe DioGuardi, a candidate in the New York Republican primary for the Senate seat held by Democrat Kirsten Gillibrand. DioGuardi also is well known for being the father of singer-songwriter-TV personality Kara DioGuardi, a former judge on “American Idol” who recently made headlines when she decided to leave the show.

Joe DioGuardi says the federal budgetary process must be scrubbed from top to bottom.

To save America from bankruptcy, “we first need to put on the books everything that we’re spending, committing, so we can understand where we’re going,” says DioGuardi, a certified public accountant who is a former congressman.

“We have an accounting system as part of the budget process that’s a Mickey Mouse cash basis of accounting that only counts expenses when I decide to write the check,” told Newsmax.TV.

Story continues below.

Accrual accounting, which conforms to generally accepted accounting principles, is the only way to go, DioGuardi says.

“Why has the government exempted itself from the highest standards of accounting?” he says. The system of accounting for Social Security is a “shell game and Ponzi scheme.”

Congress must eliminate earmarks, DioGuardi says. “We need an infrastructure bank. We spend $500 billion on assets, and it’s written off as part of the deficit. They don’t put it on the books as an asset. That’s ridiculous.”

DioGuardi criticizes the new financial reform law for leaving out government sponsored mortgage agencies Fannie Mae and Freddie Mac.

The Democratic-controlled Congress omitted them, “because they didn’t want to put it on the budget, because these two entities now own $5.3 trillion of toxic mortgages,” he said. “That would probably add $2 trillion-$3 trillion to the national debt.”

As for the Muslim mosque that’s planned near ground zero, DioGuardi says the issue isn’t the legal right to build the mosque. “We know freedom of religion is important,” he says. “The issue here is the footprint of the horrific event. That building was one of those damaged.”

It must be explained to those who want to build the mosque that it’s an unnecessary provocation, DioGuardi says. “You’ve got an open sore: 3,000 people were killed,” he said.

“The families still feel the pain. So it’s very insensitive to push this into the face of these people. Everything should be done to convince the people who want to build the mosque that they should find an alternative location.”

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ben Carson: Obama Letting Islamics 'Destroy Us'

Sunday, 01 Feb 2015 16:26 PM

Dr. Ben Carson, an expected GOP presidential contender, said he wants to see the size of government reduced if he one da . . .

Santorum: Blue-Collar Jobs a Top Issue

Sunday, 01 Feb 2015 16:41 PM

Former Sen. Rick Santorum, a possible GOP presidential contender in 2016, said Sunday that blue-collar jobs are one of t . . .

Christie Visits UK While Mulling Whether to Run in 2016

Sunday, 01 Feb 2015 12:44 PM

An unabashed fan of the Dallas Cowboys, New Jersey Gov.Chris Christie spent Super Bowl Sunday on the other side of theAt . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved