Enriching the U.S. Upper Class-current-By $147.5 Trillion
May 18, 2020
In this commentary I will explain how the U.S. Government is committing a fiscal and accounting fraud that is enriching the U.S. upper class by $147.5 Trillion!
The U.S. Government is corrupt! The U.S. Government is promising future benefits to the U.S. general public but is not taxing the U.S. upper class enough to pay for these future benefits! The U.S. Government is enriching the U.S. upper class and cheating the U.S. general public by not accruing for future benefits to the U.S. general public!
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)! By not using proper GAAP Accounting, the U.S. Government is not accruing the money to pay for the future benefit promises to the U.S. general public!
When the U.S. Government does not tax the U.S. upper class enough to pay for future benefit promises, the U.S. Government defers this cost to the future Americans (US Unfunded Liabilities (GAAP) currently $147.5 Trillion) and undertaxes the U.S. upper class by that same amount! The U.S. Government is fraudulently borrowing money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class!
This has produced a classic Ponzi scheme fiscal policy, I call it USAPonzi, that is in the process of fraudulently borrowing an infinite amount of money, I call it imaginary-counterfeit money, from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!
The money that the U.S. Government is fraudulently borrowing from the future Americans does not exist (imaginary) and has no value (counterfeit) hence the name imaginary-counterfeit money! The U.S. Government is pretending like the future Americans will someday pay these US Unfunded Liabilities (GAAP), currently $147.5 Trillion, but of course these Unfunded Liabilities will never be paid!
The U.S. Government is running a classic Ponzi scheme that is in the process of printing an infinite amount of imaginary-counterfeit money by fraudulently deferring public liabilities (US Unfunded liabilities (GAAP)) to the future Americans, public liabilities that the future Americans cannot pay, and undertaxing the U.S. upper class! GAAP basis deficit spending by the U.S. Government prints imaginary-counterfeit money and gives it to the U.S. upper class!
The U.S. Government is enriching the U.S. upper class by undertaxing them by the amount of the US Unfunded Liabilities (GAAP)!
This Ponzi scheme that I call USAPonzi is fraudulently:
Printing infinite counterfeit money
Enriching the U.S. upper class
Enriching the U.S. ruling class
Cheating the U.S. general public
Cheating the rest of the planet
Causing Social Injustice
Causing Wealth and Income Inequality
Causing Global Warming
Destroying Planet Earth
It is absurd that the U.S. Government has fraudulently borrowed $147.5 Trillion from the future Americans and given it to the U.S. upper class!
GAAP Accounting, properly applied, would not allow the U.S. Government to borrow more money from the future Americans than the future Americans can be reasonably expected to pay!
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!
|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).
This imaginary-counterfeit money will evaporate into the “thin air” from whence it came when USAPonzi implodes!
This is the biggest ($147.5 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Great American Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W White