Government financial management: fix it or find it?

The financial affairs of the Federal government need to be radically changed in order to improve efficiency. Right now, public administrators are not responsible for financial efficiency, but only for program execution, a situation that leads to waste in asset acquisition and a general mismanagement of resources. The solution is to make administrators financially responsible by creating a system of true balance sheets and financial accountability. The OMB should start a program of financial reporting and balance sheets that should ultimately be adopted by all federal agencies.