Creating the Wealth Gap!
October 10, 2016
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org October 10, 2016
Wealth inequality in the United States (also known as the wealth gap) refers to the unequal distribution of assets among residents of the United States. Wealth includes the values of homes, automobiles, personal valuables, businesses, savings, and investments. (Wikipedia).
This Wealth Gap is caused by U.S. Government corruption!
The U.S. Government is creating massive wealth for the U.S. upper class simply by undertaxing them. By using Cash Accounting rather than the proper GAAP Accounting, the U.S. Government is not accruing the money to properly fund the social benefits, veterans' benefits, and pensions that it has promised to the U.S. citizenry. Therefore, in addition to the National Debt of $19.5 Trillion, the U.S. Government now has US Unfunded Future Liabilities of $84.2 Trillion. This means that the U.S. citizenry, primarily the U.S. upper class, has been undertaxed by $103.8 Trillion creating massive but imaginary-counterfeit wealth (See The Concept of Imaginary-Counterfeit Money).
U.S. Government fiscal and accounting fraud and corruption (USAPonzi) is the cause of this wealth gap. But unfortunately this wealth gap is produced by $103.8 Trillion of imaginary-counterfeit money. The U.S. upper class wealth and the resulting wealth gap are a hoax created by U.S. Government fiscal fraud and corruption! The U.S. upper class does not have real wealth; it has imaginary wealth. If the future Americans could just pay $103.8 Trillion of US Unfunded Liabilities (GAAP), as the U.S. Government imagines, everything would be okay.
A fraudulent gift of $103.8 Trillion to the U.S. upper class by a corrupt U.S. Government should create just a wee bit of a wealth gap.
This fraud and corruption can only be eliminated by the U.S. Government adopting GAAP Accounting and committing to a balanced GAAP basis budget.
This fraud and corruption within the U.S. Government is explained in much more detail on my website www.usaponzi.com and in my book "USAPonzi" that is available on Amazon in Kindle and paperback formats.
The size of this U.S. Government fraud is easily determined; it is the amount of imaginary-counterfeit money that the U.S. Government has borrowed/stolen from the future Americans which is reported on www.usdebtclock.org as US Unfunded Liabilities (GAAP).
USAPonzi is a massive ($103.8 Trillion) fraud; "The Biggest Ponzi Scheme on the Planet"!