PAIS CaO A COMMON SENSE Bee ANNUAL REPORT TO THE CITIZENS OF I | | Nl THE UNITED STATES By ae eicsaila4.2 regular Statement and Account of the Recelpts and Expenditures of all public Money shall be published from time to time.” — Section 9 [7] The Constitution of the United States of America w= if the federal government put out an annual report, the kind of report any respectable public enterprise provides to its shareholders? What would such an annual report look like? What would it say? This is the report you should receive as a shareholder in the public enterprise known 2s the government of the United States of America. It shows how the federal government impacts where we spend our money and how we spend our time. ‘We need to know how the tax dollars we “invest” each year are being spent and what our government is trying to accomplish with this money, Then we can participate more fully in our democracy. Some of the questions we want answers to include: ‘© where does the government spend our tax dollars? ‘e how does the government measure the success of its many programs? ‘@ {5 the government investing our money wisely oF wasting 11? © arewe better off as a result of the government’ activities? ‘This report discusses our government system in business terms—terms that are immediately familiar to almost every working person. i UE. kay PRR Baltimore, Maryland This book is dedicated to the nation’s children, with hope Copyright © 1994 by lyle A. Brecht All sighs served ‘ncuding the right of reproduction in whole or in part im any form 19PN 0-4682575-05FI III III III II III III III II IIIA The United States of America 1994 CoMMON SENSE ANNUAL REPORT No Free Lunch 2 Presidents Message to Shareholders Operations Review 3 Financial Review 8 Incorporating Management’ Discussion and Analysis Consolidated Financial Statements 19 ‘Notes to Consolidated Financial Statements 2 Corporate Officers 27 References & Comments 30 Shareholder Information 3 “I have in mind that the taxpayers are the stockholders of the business corporation of the United States...” — Calvin Coolidge, 1924"