Cheating the US General Public-current
July 1, 2019
The U.S. Government is corrupt!
The U.S. Government is lying to and cheating the U.S. general public by promising future benefits to the U.S. general public but is not properly taxing the U.S. upper class to pay for these promises!
The U.S. Government is committing a fiscal and accounting fraud by not operating its fiscal policy with proper GAAP Accounting (Generally Accepted Accounting Principles)! Because the U.S. Government is operating its fiscal policy with Cash Accounting rather than the proper GAAP Accounting, the U.S. Government is not properly accruing the money to pay for future U.S. Government benefit promises!
This U.S. Government fiscal and accounting fraud is fraudulently cheating the U.S. general public by underfunding future benefit promises to the U.S. general public and is fraudulently enriching the U.S. upper class by undertaxing the U.S. upper class!
The U.S. Government is running a classic Ponzi scheme, I call it USAPonzi, that is fraudulently borrowing money from the future Americans, I call it imaginary-counterfeit money, money the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!
The U.S. Government has fraudulently cheated the U.S. general public by underfunding the future benefit promises to the U.S. general public by $102.3 Trillion!
Because of this accounting fraud, the U.S. upper class is getting rich and the U.S. general public is getting cheated! So far, the U.S. upper class has been given $124.7 Trillion (US Unfunded Liabilities (GAAP)), the U.S. ruling class has been overpaid by $22.4 Trillion (National Debt), and the U.S. general public has been cheated by $102.3 Trillion (US Unfunded Future Liabilities)!
The U.S. Government is fraudulently cheating the U.S. general public by deferring public liabilities to future Americans that can never be paid so these future benefit promises to the U.S. general public will not be paid!
This accounting fraud is causing the Wealth and Income Gap by giving the U.S. upper class an infinite amount of imaginary-counterfeit money! So far, this accounting fraud has given the U.S. upper class $124.7 Trillion of imaginary-counterfeit money and is giving them $16.8 Billion more imaginary-counterfeit money every day with GAAP basis deficit spending! The U.S. Government GAAP basis deficit in FY2019 is estimated to be $6.12 Trillion!
GAAP Accounting, properly applied, would prevent the U.S. Government from borrowing more money from the future Americans than the future Americans can be reasonably expected to pay!
The U.S. Government must adopt GAAP Accounting (Generally Accepted Accounting Principles) and commit to a balanced GAAP basis budget in order to eliminate this fiscal and accounting fraud and properly accrue for the future U.S. Government benefit promises that have been made to the U.S. general public!
This fraud/Ponzi scheme (USAPonzi) is explained in much more detail on my websites www.usaponzi.net and www.usaponzi.com and in my books USAPonzi, USAPonzi2, USAPonzi3, USAPonziA, and my latest USAPonziB.
This is the biggest ($124.7 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”.
Financial data sourced from www.usdebtclock.org as of July 1, 2019.
John W White