He gave warning that the current system of budget accounting seriously underestimated the government's future liabilities.

ECONOMIST: Urging restraint | The

In particular, he gave warning that the current system of budget accounting seriously underestimated the government's future liabilities.

ECONOMIST: More discipline needed | The

Despite the fact that we rapidly outgrew that accounting system, cursed it daily, constantly looked at wonderful alternatives, and even allocated budget, we never replaced it.

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