New York Union Workers Struggle to Survive!
March 1, 2017 Emailed to WSJ/NYT/DMN on 3/2/17
Drained pension fund has retired New York union workers pinching pennies to survive, as doom looms for reserves across U.S.
(Read the New York Daily News Article)
This article graphically explains what can happen to people that are depending on corporate and government pension and healthcare promises when the promising entity does not have the conviction to properly fund these promises.
Unfortunately, this is exactly what has already happened to U.S. Social Security and U.S. Government provided healthcare. The Congressional discussions about how to "repeal and replace Obamacare" are pointless rhetoric because the U.S. Government stopped funding these promises altogether in FY1969 when they adopted the "Unified Budget". The U.S. Congress is passionately debating how they are going to spend healthcare promises money that they do not have and will never have.
The U.S. Government has already made and executed the decision that it would overspend its cash tax receipts by $20 Trillion and underfund the U.S. Government benefit promises by $85.3 Trillion so that they could enrich the U.S. upper class by $105.3 Trillion.
The U.S. Government is enriching the U.S. upper class, overpaying the U.S. ruling class, and cheating the U.S. Common Man.
The current fiscal policy of the U.S. Government is a massive Ponzi scheme that is deferring massive public liabilities to the future Americans so the current Americans can live dramatically beyond their means. The U.S. Government has been able to give the U.S. upper class $105.3 Trillion of imaginary-counterfeit money because of this fraud.
But, at the same time, the U.S. Government is putting the 49% of Americans that are currently receiving U.S. Government benefits at great financial peril by underfunding future benefit promises by $85.3 Trillion and even spending the $5.5 Trillion that has been paid in to fund these future promises so that it can overpay the U.S. ruling class.
Teamsters Union local 707 is just "the tip of the iceberg" compared to the 150 million Americans that are expecting to get U.S. Government benefits that are now underfunded by $90.8 Trillion. The U.S. Government is cheating the U.S. Common Man so that it can enrich itself and its upper class friends.
The U.S. Government is corrupt and The Senior Members of the U.S. Government are Criminals.
The U.S. Government is operating with a Ponzi scheme fiscal policy that is borrowing monopoly money from the future Americans and giving it to the current Americans. The U.S. Government tries to conceal the magnitude of this fraudulent borrowing by using a fraudulent accounting system. The U.S. Government is operating with Cash Accounting rather than the proper GAAP Accounting (Generally Accepted Accounting Principles).
This U.S. Government fraud is printing i-imaginary-counterfeit money with GAAP basis deficit spending, $105.3 Trillion to date and $15.4 Billion every day, that is being channeled to the U.S. upper class by making false and unaffordable U.S. Government benefit promises to the U.S. Common Man and then not properly funding these promises.
For the 48 years since this Ponzi scheme was launched in FY1969, the U.S. upper class has been dramatically undertaxed because they have not paid for the cash basis deficit spending of the U.S. Government or for the funding of future benefit promises that the U.S. Government has made to the U.S. citizenry. This has dramatically enhanced the wealth and income of the U.S. upper class by undertaxing them by $105.3 Trillion but has put the U.S. Common Man into a coming financial crisis because the U.S. Government has not collected the money to pay the future benefit promises.
|Borrowed from Benefit Trust Fund
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|| $85.3 Trillion
|US Unfunded Liabilities (GAAP)
|| $105.3 Trillion
| Total National Assets
Source: www.usdebtclock.org March 1, 2017
This U.S. Government fiscal and accounting fraud can only be equitably eliminated by the adoption of GAAP Accounting and a commitment to a balanced GAAP basis budget by the U.S. Government.
I have published another website www.usaponzi.net that I think better explains how this fraud works to create a massive global wealth and income gap between the haves and the have-nots and to create false wealth and prosperity for the current Americans.
This fraud is explained in CliffsNotes format (USAPonzi CliffsNotes) and is also explained in much more detail on my website www.usaponzi.com and in my book “USAPonzi” which is available on Amazon in Kindle and Paperback formats and on my website in PDF format.
This is the biggest ($105.3 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and it is "The Biggest Ponzi Scheme on the Planet"!
John W White