Truth in Accounting Exposes a 44 Billion Dollar Lie

As a follow-up to our articles here and here, we post the following press release from Truth in Accounting.



Darlene Porteus
[email protected]

Northbrook, Illinois

July 28, 2008

How is it that the members of the General Assembly tell us the state budget is balanced but over the last 20 years, the state has accumulated a $44 billion debt? Sheila Weinberg, founder and chief executive officer of the Institute for Truth in Accounting, exposes how the “big lie” works in spite of statutes and a state constitution that prohibit it.

Featured in a fifteen minute interview on the Illinois Channel, the state’s leading public affairs broadcasting source, Ms. Weinberg addresses the current problems with the Illinois budget, including how the governor and legislators claim the budget is “balanced” when the truth shows a $44 billion hole in the state’s books. She also talks about the 50 State Project her Institute is undertaking, to review the financial health of all fifty states. This report will be issued before the November election.

To help citizens understand the state’s true financial position, the Institute has issued the “Illinois Financial State of the State.”

The Institute for Truth in Accounting is a nonprofit organization with no political affiliations. Our organization is comprised of business, governmental and academic leaders who are committed to the highest standards of honesty and integrity, and who support these principles in the public and private sectors. Our mission is to enhance the credibility of public sector financial reporting by encouraging the issuance of understandable, reliable and relevant information. For more information about the Institute, please see our website at:

The Illinois Channel has been providing timely and informative public affairs broadcasting since 2003. Its mission is to provide frequent, unfettered access to elected and appointed officials, governmental bodies and other decision makers. Illinois Channel adheres to the most professional broadcast production values, bringing public affairs events from around the state right to the citizen through the Internet.

To see this important interview with Sheila Weinberg please visit

Institute for Truth in Accounting, 1500 Skokie Boulevard, Suite 304, Northbrook, Illinois 60062  847-835-5200 Fax: 847-835-3470