The U.S. Government is "Cooking the Books"!!!!
Sep 1, 2015
As posted on www.usaponzi.com
The U.S. Government is "Cooking the Books"!!!! The U.S. Government is "Cooking the Books" by using Cash Accounting rather than the proper GAAP Accounting. The U.S. Government is also dramatically overspending on a Cash basis.
By "Cooking the Books", the U.S. Government is operating with a Fiscal Policy that is a Ponzi scheme which I have named USAPonzi. This Fiscal Policy is a Ponzi scheme because the U.S. Government is undertaxing the current U.S. taxpayer and deferring an ever increasing percentage of the cost of operating the U.S. Government to the future U.S. taxpayer.
The U.S. Government is making unaffordable social benefit promises, is pretending to collect taxes to finance these promises but spends the excess money that is collected for social benefit promises to overpay Government workers and Government related businesses, is not funding the future social benefit promises, is dramatically undertaxing the upper class which appears to make them super wealthy, is leaving the common man with nothing in the social benefit trust fund to pay future social benefit promises, is paying Government workers and Government related businesses much more than the taxpayer can afford, and is attempting to conceal this Ponzi scheme with fraudulent accounting. The U.S. Government is "Cheating the Common Man" so that it can overpay the ruling class and make the upper class appear to be super wealthy.
The U.S. Government is operating with a corrupt and fraudulent Fiscal Policy so that it can overpay the Government workers and Government related businesses and can undertax the upper class to make them super wealthy. The current Fiscal Policy does not fund the future social benefit promises which accounts for most of the undertaxing of the upper class. If the U.S. Government is going to make promises to pay social benefits it must collect the taxes required to fund these promises.
As a result of this Fiscal Policy, as of September 1, 2015 the U.S. Government has Public Liabilities (US Unfunded Liabilities (GAAP)) of $97.5 Trillion as posted on www.usdebtclock.org. The future U.S. taxpayer is expected to pay these massive Unfunded Public Liabilities and these liabilities are increasing at an exponential rate. The future U.S. taxpayer will obviously never be able to pay these exponentially increasing liabilities.
This is what makes USAPonzi "The Biggest Ponzi Scheme on the Planet".
By "Cooking the Books", i.e. by using Cash Accounting rather than the proper GAAP Accounting, the U.S. Government is dramatically understating our Deficit and our Public Liabilities.
Cash Accounting GAAP Accounting
Deficit FY2015 $0.50 Trillion $5.45 Trillion
Public Liabilities $18.4 Trillion (Debt) $97.5 Trillion (US Unfunded Liabilities (GAAP))
The Fiscal Policy of the U.S. Government is corrupt and fraudulent!
The Fiscal Policy of the U.S. Government is a classic Ponzi scheme!
The U.S. Government is filled with "Scoundrels, Liars, and Cheaters" that are willing to continue this corrupt and fraudulent Fiscal Policy!
The U.S. Government even has the "unmitigated gall" to claim that the Social Security System has enough money in the plan to make payments for another 10-20 years when in fact they have borrowed and spent every penny that has been paid into all social benefit programs to pay current period operating expenses.
The "Unified Budget", that LBJ and the 90th Congress introduced for FY1969, gave the U.S. Government the ability to spend the tax revenue collected for social benefit promises for whatever they might choose to spend it on AND the "Unified Budget" also converted the entire U.S. Government planning, reporting, and tax assessing process to Cash Accounting. This Fiscal Policy has dramatically overpaid the Government workers and Government related businesses creating $18.4 Trillion of National Debt. The Fiscal Policy has not funded the future social benefit commitments creating $79.1 Trillion of Unfunded Future Liabilities. This Fiscal Policy has undertaxed the upper class U.S. citizens and businesses creating $97.5 Trillion of "US Unfunded Liabilities (GAAP)" for the future U.S. taxpayer and $97.5 Trillion of counterfeit wealth for the upper class (see Creating Counterfeit Wealth and The Infinite Counterfeit Money Machine).
This is why the United States of America appears to be one of the most dominant economic, political, and military powers the Planet has ever known!
And all because Lee Harvey Oswald assassinated JFK (See The Oswald Financial Bubble!).
The U.S. citizenry must demand that the U.S. Government adopt GAAP Accounting and commit to a balanced GAAP basis budget in order to establish an equitable and sustainable fiscal policy for the Government of the United States of America.
See The Distortions of USAPonzi for more information about this Ponzi scheme.
See The Implosion of USAPonzi for my prediction of what will happen when USAPonzi implodes.
Financial data presented in this commentary was sourced from www.usdebtclock.org as of September 1, 2015.