The Biggest Ponzi Scheme on the Planet-The U.S. Government
"American Economic Exceptionalism Explained"                     USAPonzi                                      by John W. White   Mar 29, 2013

Empty Promises to the Underprivileged
Dec 2, 2014
As posted on www.usaponzi.com


The U.S. Government is using corrupt and fraudulent accounting to be able to pay themselves handsomely and to make the rich citizens and rich businesses appear to be super rich by not funding the social benefit trust fund.


As a result, the social benefit recipients are headed toward financial devastation.


To resolve this problem, the U.S. citizenry must demand that the U.S. Government adopt GAAP Accounting and a balanced GAAP basis Budget.


The U.S. Government is making "Empty Promises" to the underprivileged (the poor, the disabled, the unemployed, and the elderly).  The U.S. Government is promising to pay social benefits that it does not have the financial capability to keep.  The U.S. Government has been using improper accounting since 1969 in an attempt to conceal the fact that it cannot keep these promises.  By using Cash Accounting instead of the proper GAAP Accounting, the U.S. Government has under taxed the rich to make them very wealthy, has paid the direct and indirect Government employees very handsomely by borrowing money, but has left the underprivileged with NO MONEY in the social benefit trust fund to pay the ongoing social benefit promises that the government has made.  The current social benefit promises are totally unfunded.

Because the U.S. Government has undertaxed U.S. citizens and U.S. businesses, they appear to be $99.3 Trillion richer than they would be with proper accounting.  Because the U.S. Government has spent more than their income, we have $18.0 Trillion in Federal Debt.  Because the U.S. Government did not tax U.S. citizens and businesses enough to pay the current social benefit promises, we have Unfunded Liabilities of $81.3 Trillion.  But part of the Federal Debt is because the U.S. Government has borrowed and spent $5.1 Trillion from the social benefit trust fund so the U.S. Government is short by $86.4 Trillion of having enough money to pay the current social benefit promises.


By not collecting the tax revenue that is required to balance the GAAP budget, the U.S. Government has made the rich citizens and rich businesses appear to be 8 times richer than they would be with proper accounting (see U.S. Total Assets Bubble).  By spending more money than the U.S. Government is taking in as revenue, the U.S. Government has been able to employ more employees than we can afford and to pay them more than we can afford to pay them.  By not funding the social benefit trust fund, the U.S. Government has made "Empty Promises" to the underprivileged.


By using improper accounting, the U.S. Government has made the rich and powerful more rich and more powerful, has paid the direct and indirect Government employees more than we can afford, and has totally ripped off the social benefit recipients.  The U.S. Government is taking money from the poor and giving it to the rich.  To make the rich citizens and rich businesses appear to be richer by $99.3 Trillion, the U.S. Government has borrowed $12.9 Trillion from the public and has short changed the underprivileged by $86.4 Trillion.


The U.S. Citizenry must demand that the U.S. Government adopt GAAP Accounting and a balanced GAAP basis Budget in order to eliminate this corrupt and fraudulent activity.


Next page: Fixing Fiscal Policy