Truth in Government
May 4, 2015
Updated July 9, 2015 to correct Debt double count. After further research of the usdebtclock GAAP Unfunded Liabilities, I have determined that this number includes the National Debt. In my prior commentaries I had separated money spent (debt) from money promised to be spent (unfunded liabilities). I will maintain that terminology on this website but recognize that the usdebtclock Unfunded Liabilities = Debt + Unfunded Future Liabilities.
As posted on www.usaponzi.com
The Truth in Government website presents a short (3 minute) chalkboard video that explains how the U.S. Government is using an improper accounting system to help conceal the fact that it is running a massive Ponzi scheme by promising that the future U.S. taxpayer will eventually pay our bills. This video makes a point of the fact that the U.S. Government is using Cash Accounting vs. the proper GAAP (Accrual) Accounting that www.usaponzi.com also explains as the cause of the massive ($95.9 Trillion) Ponzi scheme, USAPonzi. This Ponzi scheme is Cheating the Common Man by $82.7 Trillion by not funding the social benefit promises that the U.S. Government has made, is overpaying the U.S. Government employees by $18.2 Trillion by borrowing money on the credit card of the future U.S. taxpayer, and is dramatically undertaxing the upper class U.S. citizens and businesses by $95.9 Trillion making them artificially filty rich with counterfeit money. These numbers are as reported on www.usdebtclock.org.
I encourage you to watch this short and informative video as well as reviewing the other information included on that website. It should be noted that this video reports our National Debt on a Cash basis as $17 Trillion but since this video was made this has now increased to $18.2 Trillion and the video reports our National Debt on a GAAP basis as $72 Trillion but this has now increased to $95.9 Trillion according to www.usdebtcclock.org. Every day that goes by the size of this Ponzi scheme increases by $15.3 Billion because our GAAP basis Deficit Spending of $5.6 Trillion in FY2015 is making the upper class even richer with counterfeit money, is continuing to give the ruling class a comfortable and even prosperous lifestyle, and is further exploiting the Common Man by not funding the social benefit promises.