What's the Price of Rose-Colored Night Vision Goggles?

The wars in Iraq and Afghanistan could cost the Pentagon some of their wish list for new weapons.
The Government Accountability Office has found costs for new weapons spiraling out of control -- and competing for dollars with the wars. From the Washington Post:

The major weapons systems being developed and produced by the Defense Department will require $1.6 trillion to complete and $335 billion over the next five years -- money that may not be available because of the continuing cost of military operations in Iraq and Afghanistan, according to a new report by the Government Accountability Office.

The GAO found some weapons were pitched with unrealistic price tags to begin with -- sometimes 30% - 40% below what they would end up costing. (WaPo)

Your Share of $59 Trillion

Some of the most creative minds in government are accountants. A USA Today review of federal spending found the books cooked to the tune of more than a trillion dollars.

Officially, the federal government says there was a $248 billion deficit last year. That's using those "creative" accounting ideas your government has cooked up to cook the books.

USA Today applied modern accounting principles -- and found the red ink was a lot deeper -- about $1.3 trillion. USA Today points out:

"Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition."

Add up all the deficits over all the years and taxpayers owe around $59.1 trillion bucks.

You're share -- $516,348. Compare that to the $112,043 the average household owes for mortgages, car loans, and all other debt combined -- and you'll see you're a more frugal spender than your Uncle Sam. (USA Today)

Secret Service Stretched Thin

The US Secret Service is stretched so thin, they're borrowing agents from other outfits.

About 2,000 immigration officers and airport screeners will join about 250 of it's own agents who'll be shifted from investigations to security details.

They're hit with a wide field of Presidential candidates -- and an early start to providing them with security. The Secret Service has a record $110 million budget for guarding candidates next year -- but they didn't expect to have to guard anyone until January.

Early protection for Sen Barack Obama (D-IL) tossed that plan out the window.

The shifts mean the Secret Service has already cut back on it's efforts against counterfieters and cybercriminals. Brace for spam attacks of phoney money! (WaPo)