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Accounting is a goddamn mess. There's lots of mistakes in accounting, finance, banking, etc but we're supposed to act to outsiders like they never happen. Publicly traded companies (US) get audited every year, but no audit company would give a paying customer a failing grade. New grads are funneled into working for public firms - the 10 or so companies that cater to the world's audit, tax, and consulting needs. They're supposed to teach discipline, but in reality they only teach you security theater. You're worked to the bone until you either burn out or agree to perpetuate the system to keep your job.
And the only reason it continues to work is society's social contract agreeing that it has to work because we don't have any other options. All it takes is the rumors that the idea is failing - like in the silicon valley bank run - and we're all out of luck. With the speed of information these days all it takes is a few minutes for a situation to spiral out of control. It's bonkers.
I got into accounting because I enjoyed bookkeeping in high school. Now that I'm in it I refuse to work for anything larger than a mid sized, non public company.
So basically, everyone is full of bullshit and lying to keep the system working.
Why am I not surprised?
Social security would be a ponzi scheme if it wasn't done by the government. System only works because new younger people are "convinced" to put in money to pay the old in hopes that new younger people will pay them in the future.
The social security liability is currently 23 trillion. If no new people started paying in and everyone wanted to cash out, they couldn't get a dime.
We are 33 trillion dollars in debt. 33 trillion.
If we as a country ever tried to cut spending and save money to pay that down, our economy would collapse so fast.
Social security was designed to be that way, it's not a secret or anything. It's how the system was set up and it's how it is supposed to work. Today's workers fund today's retirees.
Except it was built with the assumption that everyone would continue to have 2.5 kids, and skilled immigrants would keep making the US home, and the economy would keep growing and growing forever, and retirees would die off a couple of years after they retired.
All the base assumptions on which the system were built were shaky. People are having fewer kids, so there's less money coming in. Retirees are living longer so they need more benefits. People who paid hundreds of thousands into the system during their lifetimes are requiring millions in benefits at the end of their lives. But, people are having fewer kids and so the bottom of the pyramid is shrinking.
More immigration would help, but we're just too damn racist
Accounting, just like economics, likes to pretend it is a hard science when in reality is it close to reading tea leaves.