Michael Doorley, CPA, was a 35-year financial services executive serving in CFO, CAO, COO, and board positions. He founded usdebtforum.com, chairs a special interest group on our national debt, guest lectures at Fordham University’sGabelli School of Business, and commissioned nationwide surveys of individual investors’ and financial advisors’ knowledge and perceptions of the U.S. national debt. He authored an opinion piece in BoardIQ called “It’s Time to Review U.S. Treasurys Risk Disclosure.”
Presidential candidates have commenced their 100-day march to election day. The U.S. Debt Forum has also commenced its 100-day march to educate voters on our country’s dire financial position, made significantly worse by the ongoing pandemic.
The U.S. Debt Forum is bringing together CPAs and accountants to explain to voters, through news and social media platforms and in lay-person terms, what has happened to our country’s once-strong financial position, our current financial position, and the unsustainable fiscal path we are on.
“I am concerned the media almost exclusively sources economists and members of economic councils to discuss our country’s finances. Economists use varying theories, and projections and predictions, to state what may happen. Some are well-trained media personalities who played a role in our country’s financial deterioration,” says Michael Doorley, CPA and founder of U.S. Debt Forum. “Larry Kudlow, director of the president’s National Economic Council, was called a clown by an economist who pointed out that he has not gotten a single thing right in the last six months. When was the last time you heard an accountant called a clown, or even funny, in her or his professional capacity? Discussing the financial well-being of our country is no laughing matter, even when told by a clown!”
“Accountants use codified standards and principles, and reality and math, to report what happened, and what is happening. They are subject to professional oversight. Accountants understand organizational systems. They prepare and audit financial statements, including the US Government’s, Doorley continues. “It has been said that accounting can be viewed as a process for writing the economic/financial history of an organization. Unlike most voters, accountants are not easily distracted, confused, or misled by the rhetoric of politicians or economists when discussing financial positions and projections. Accountants are well-equipped and prepared to discuss financial results, to have a credible opinion on projections, and to have a seat on media panels.”
Our country’s dire financial position was a threat to our economic and national security before the pandemic despite statements by the president that we were living in the greatest economy in history. This claim was called false. Yet, it was not refuted by his economic advisor councils.
Doorley adds, “It is clear from lecturing and from the findings of recent nationwide surveys of individual retail investors’ and registered financial advisors’ knowledge and perceptions of the U.S. national debt that voters, including advisors and investors, know little about our country’s finances, financial position, and massive national debt. They know the headline that our national debt is massive, they are concerned, and they hold elected politicians accountable.”
It’s time to add accountants’ voices to the national discourse about our country’s dire financial position,” says Doorley.