Op-Ed to WSJ/NYT/DMN
August 1, 2016
Emailed to Wall Street Journal
Emailed to New York Times
Emailed to Dallas Morning News
The $103 Trillion Gift to the U.S. Upper Class
The U.S. Government is committing fiscal and accounting fraud that has given the U.S. upper class a gift of $103 Trillion! The U.S. Government is using Cash Accounting rather than the proper GAAP (Generally Accepted Accounting Principles) Accounting which has created a Ponzi scheme that is deferring massive public liabilities to the future U.S. taxpayers.
The U.S. upper class is the primary beneficiary of this corrupt fiscal policy that has undertaxed the U.S. taxpayers by $103 Trillion (reported on www.usdebtclock.org as US Unfunded Liabilities (GAAP)). The primary reason for this undertaxing is because the U.S. Government is making promises to pay future social benefits but has not been funding these promises since 1969. This fraud has dramatically improved the standard of living for all Americans but has colossally improved the standard of living for the U.S. upper class.
This fraudulent fiscal policy is what has caused the wealth and income gap between the one percent club and the Common Man. A windfall gift of $103 Trillion to the U.S. upper class over the last 47 years has created a huge wealth gap. This fraudulent fiscal policy is what has built opulent mansions for the U.S. upper class and given them an opulent lifestyle. This fraudulent fiscal policy has also given many of the senior officials in the U.S. Government an opulent lifestyle and significant personal wealth.
This fraudulent fiscal policy has allowed Americans to buy and build a lot of things we cannot afford; cars, trucks, planes, houses, smartphones, TVs, computers, malls, restaurants, office buildings, resorts, cities, airports, etc. The U.S. Government is massively stimulating the U.S. and global economy by operating with a dramatically unbalanced budget. $103 Trillion can buy and build a lot of stuff and can create a lot of economic stimulus.
The fiscal policy of the U.S. Government is a classic Ponzi scheme that has simply borrowed $103 Trillion from the future U.S. taxpayers to improve the lifestyle of current Americans. What is now $103 Trillion of apparent private wealth created by this Ponzi scheme fiscal policy will evaporate when this Ponzi scheme implodes.
To correct this problem, the U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget. I have written a book "USAPonzi", available on Amazon, that explains this Ponzi scheme in much more detail.
John W. White