Service Economy of America 200512
May 12, 2020
Emailed to The United Nations, Fed Chair Jay Powell, St Louis Fed President James Bullard, Minneapolis Fed President Neel Kashkari, Dallas Fed President Robert Kaplan, Congressman Van Taylor, Congressman Colin Allred, Senator John Cornyn, Senator Ted Cruz, The U.S. SEC, and NYT/WSJ/WP/DMN/CNBC on 5/9/20
In this commentary, I will explain why the American Economy has become a Service Economy.
In the simplest of terms, a service economy is an economy where the primary economic activity is the provision of services rather than the production of goods. The United States pretty much has a service economy because most of the growth of the U.S. economy is tied to services.
This Service Economy in America has been produced by the U.S. Government fiscal and accounting fraud that I call USAPonzi! For the last half century, the U.S. Government has been printing imaginary-counterfeit money, so far $147.5 Trillion, by borrowing it from the future Americans so the current Americans can buy products and services without having to earn real money!
America appears to be the most prosperous and wealthy country on the planet because the U.S. Government is in the process of printing an infinite amount of imaginary-counterfeit money and giving it the U.S. upper class. The people in America that are not in the U.S. upper class tend to provide services and products to the people in America that are above them in the class-based society that this accounting fraud has produced!
However, Americans tend to buy their products from the rest of the planet with this $147.5 Trillion of imaginary-counterfeit money because Americans are not inclined to take a real job producing a product of value when the U.S. Government is printing enough imaginary-counterfeit money to provide them a living wage, or at least a near living wage. When choosing between not working, working in a service job, or working in a production job; the choice is quite easy. Do not work if you can get away with it, otherwise choose a service job because they tend to be easier and more interesting than a production job!
The question becomes; "how long can the U.S. Government keep borrowing imaginary-counterfeit money from the future Americans and giving it to the U.S. upper class"? The rate that the U.S. Government is printing imaginary-counterfeit money is set by the GAAP basis deficit spending of the U.S. Government which in FY2020 is estimated to be >$58.6 Billion a day!
The net worth of all Americans (US Total National Assets) is estimated to be $144.0 Trillion and the corrupt U.S Government is estimated to have fraudulently borrowed $147.5 Trillion (US Unfunded Liabilities (GAAP)) of imaginary-counterfeit money from the future Americans and given it to the U.S. upper class!
America, in particular upper-class America, is getting rich by fraudulently borrowing money from the future Americans with GAAP basis deficit spending and giving it to the U.S. upper class by undertaxing them!
America appears to be the wealthiest and most prosper country on the planet simply because the corrupt U.S. Government has fraudulently borrowed $147.5 Trillion of imaginary-counterfeit money from the future Americans and given it to the U.S. upper class by undertaxing them!
America has been living on this imaginary-counterfeit money since FY1969 and the rate of printing imaginary-counterfeit money has been increasing exponentially since that time!
When the Coronavirus Pandemic shut down the global economy, the people that are providing services to the people in the economic classes above them do not have a job or an income! The money coming in to the U.S. upper class does not stop when the global economy stops because the U.S. Government is constantly and fraudulently borrowing money from the future Americans!
In fact, the income for the U.S. upper class goes up even more rapidly during this global economy pause because when the U.S. Government borrows money from the future Americans the U.S. upper class reaps the benefits of this elevated rate of U.S. Government spending.
The amount of money that the U.S. Government has fraudulently borrowed from the future Americans is reported on usdebtclock.org as US Unfunded Liabilities (GAAP). The following table shows the amount of money that the U.S. Government has recently borrowed from the future Americans as a stimulus to sustain the unsustainable U.S. economy! The U.S. Government has fraudulently borrowed $15.4 Trillion of imaginary-counterfeit money, in just the last 45 days, from the future Americans that will never be re-paid!
US Unfunded Liabilities (GAAP)
|March 27, 2020
|May 12, 2020
America is living in a Service Economy that is financed by the corrupt U.S. Government fraudulently borrowing money from the future Americans, money that the future Americans do not have, and giving it to the U.S. upper class!
What are the chances that the future Americans will come up with the $147.5 Trillion to pay for our current wealth and prosperity?
When this Ponzi scheme that I call USAPonzi implodes, the global economy will fall into what I call "The Greatest Depression" since our current financial leverage is nearly 5 times as great as just prior to "The Great Depression" (See U.S. Total Financial Leverage 4.9X 1929)!
When USAPonzi implodes, the survivors of "The Greatest Depression" will be forced to perform production jobs which will require the re-ruralization of America to move workers closer to the land to produce food and to moderately sized factories to produce products of value!
Range of travel will be limited
Range of travel will again become much more limited when Americans are required to buy their cars, trucks, boats, airplanes, oil, and gas with real earned income rather than with the imaginary-counterfeit money that the corrupt U.S. Government is fraudulently borrowing from the future Americans!
This re-ruralization of America will also leave a lot of vacant apartments, condos, and houses in the urban areas!
The following are links to my whistleblower letters to Planet Earth and the U.S. Congress in an attempt to expose this fraud and corruption within the U.S. Government!
Whistleblower Letter #1 to Planet Earth
Whistleblower Letter #5 to the U.S. Congress
|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 12, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP). US Unfunded Liabilities (GAAP) were $126.1 Trillion on October 1, 2019 the start date for FY2020, therefore the GAAP Deficit in FY2020 will be >$21.4 Trillion ($147.5T-$126.1T=$21.4T).
I have written two websites (USAPonzi.com and USAPonzi.net) and seven books (the latest is USAPonziD which is available on Amazon) that explain this fraud and the impact it is having on Planet Earth!
John W. White