Causing Wealth and Income Inequality-current
May 18, 2020
The U.S. Government is committing a fiscal and accounting fraud that is causing Wealth and Income Inequality in America! The U.S. Government is borrowing money, so far $147.3 Trillion, from the future Americans and giving it to the U.S. upper class!
By the way, $147.6 Trillion is a lot of money! The only problem is the future Americans do not have $147.6 Trillion!
The U.S. Government is promising unaffordable future U.S. Government benefits to the U.S. general public but is not taxing the U.S. upper class enough to pay for these future U.S. Government benefits! The U.S. upper class is getting richer and richer every day because they are being undertaxed!
The U.S. Government is committing a fiscal and accounting fraud by operating its fiscal policy with Cash Accounting rather than proper and Generally Accepted Accounting Principles (GAAP Accounting) which has produced a classic Ponzi scheme, I call it USAPonzi, that is not accruing for future U.S. Government benefit promises to the U.S. general public! The U.S. upper class is getting wealthy simply because the U.S. Government is not accruing for future U.S. Government benefit promises!
As of today, the U.S. Government has fraudulently borrowed $147.6 Trillion of what I call imaginary-counterfeit money from the future Americans, money the future Americans do not have, and given it to the U.S. upper class and is borrowing $58.9 Billion more imaginary-counterfeit money every day and giving it to the U.S. upper class with GAAP basis deficit spending!
We have wealth and income inequality, the U.S. Government is in the process of digitally and fraudulently printing an infinite amount of imaginary-counterfeit money, by borrowing it from the future Americans, and giving it to the U.S. upper class!
We have Wealth and Income Inequality in America because the U.S. Government likes the U.S. upper class a lot more than it likes the U.S. general public, $147.6 Trillion more!
It could be that the U.S. Government likes the U.S. upper class more than the U.S. general public because they pay bigger bribes and make bigger campaign contributions! The U.S. upper class has plenty of imaginary-counterfeit money to pay bribes and make campaign contributions because the U.S. Government has fraudulently given the U.S. upper class $147.6 Trillion of imaginary-counterfeit money!
This imaginary-counterfeit money will evaporate when USAPonzi implodes!
|US National Debt
|Cash Deficit in FY2020
|*GAAP Deficit in FY2020
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|US Total National Assets
Source: www.usdebtclock.org May 18, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP).
I have written two websites (usaponzi.net and usaponzi.com) and seven books (the latest is USAPonziD) which are available on Amazon that explain how this U.S. Government fiscal and accounting fraud got started, the problems it is causing, and what I predict will happen when USAPonzi implodes!
This is the biggest ($147.6 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Great American Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W White