Op-Ed to New York Times
Dec 29, 2014
As posted on www.usaponzi.com
This Op-Ed article was submitted to the New York Times on Dec 29, 2014
USAPonzi-The Ponzi Economy of the USA
The Government of the United States of America has been operating a massive ($100 Trillion) Ponzi scheme since Fiscal Year 1969 by promising that it will pay social benefits to U.S. residents that are unaffordable but not funding these promises creating over $80 Trillion of Unfunded Liabilities. The U.S. Government has also been dramatically overspending its tax receipts including overpaying themselves and the direct and indirect U.S. Government employees creating $18.0 Trillion of Debt. As a result the U.S. Government now has a GAAP Obligation (Debt plus Unfunded Liabilities) of about $100 Trillion by undertaxing the U.S. citizens and businesses making them appear to be $100 Trillion richer. The U.S. Government attempts to conceal this Ponzi scheme by using Cash Accounting versus the proper GAAP (Generally Accepted Accounting Principles) Accounting.
By using Cash Accounting rather than the proper GAAP Accounting and by overspending its cash receipts; the U.S. Government is making the U.S. citizens and U.S. businesses appear to be $100 Trillion richer, is overpaying themselves and the direct and indirect government employees, and is cheating the common man and the underprivileged by over $85 Trillion by not funding the social benefit promises.
The current fiscal policy of the U.S. Government has passed this $100 Trillion GAAP Obligation forward to the future U.S. taxpayer and is adding $17.8 Billion more to this GAAP Obligation every day. This $100 Trillion is now circulating in the global economy as counterfeit money since it is to be paid by the future U.S. taxpayer and can never be paid since the U.S. Government is already spending more every year than the U.S. taxpayer is paying in taxes. By overspending, overpromising, undertaxing, and using corrupt and fraudulent accounting; the U.S. Government is running "The Biggest Ponzi Scheme on the Planet". This Ponzi scheme (USAPonzi) makes the United States appear to be much more prosperous and productive (by nearly 2X as measured by GDP) by dramatically undertaxing the U.S. citizens and businesses.
The current fiscal policy is making the rich very rich, is overpaying government employees, and is cheating the common man and the underprivileged by not funding the social benefit promises. The U.S. citizenry must demand that the U.S. Government adopt GAAP Accounting and commit to a balanced GAAP basis budget in order to establish an equitable and sustainable fiscal policy for the Government of the United States of America.
See www.usaponzi.com for more information about this Ponzi scheme.
John W. White