Open Letter to U.S. Citizens Mar 3, 2015
Mar 3, 2015
As posted on www.usaponzi.com
To: The Wall Street Journal
The New York Times
The Dallas Morning News
CC: The Securities and Exchange Commission
March 3, 2015
I feel that it is imperative that the U.S. Citizens be informed that the U.S. Government is making promises to pay social benefits that are not supported with a Fiscal Policy that can pay for these promises. By not funding the social benefit trust fund and by not taxing the U.S. Citizens and Businesses enough to even pay for current year expenditures, the U.S. Government has given the upper class U.S. citizens and businesses $100 Trillion while underfunding the future social benefit promises by $87 Trillion. With the current Fiscal Policy, the U.S. Government has deferred our exponentially growing Debt and Unfunded Liabilities to the future U.S. taxpayer, who can never pay these public liabilities; and as a result has created a massive ($100 Trillion) Ponzi scheme.
This is a Fiscal Policy that is dramatically unfair to the Common Man, the poor, and the underprivileged while dramatically favoring the ruling class and the upper class.
I submit the following letter that explains this inequity. I have also created a website that explains and analyzes the resulting Ponzi scheme (www.usaponzi.com).
John W. White
Open Letter to U.S. Citizens
How "The Rich" got rich!
March 3, 2015
The U.S. Government is lying to you by promising to pay you social benefits that the U.S. taxpayer cannot afford. The U.S. Government is cheating you by not funding the social benefit trust fund that is required to be able to pay these social benefit promises. The U.S. Government is paying itself, its direct and indirect employees, and its supporting businesses much more than the U.S. taxpayer can afford.
The U.S. Government is not taxing the U.S. citizens and businesses nearly enough to pay our current year expenditures. The U.S. Government is pretending to collect taxes from you to fund the social benefit trust fund but is immediately "borrowing" these paid in Social Security and Health Care taxes and using that money to help overpay itself, its direct and indirect employees, and its supporting businesses. The U.S. Government is not collecting nearly enough tax revenue to pay the future social benefit promises that the U.S. Government has made to you.
The U.S. Government is using a corrupt and fraudulent accounting system to help conceal the fact that it is not funding the social benefit trust fund. The U.S. Government is using Cash Accounting vs. the proper GAAP Accounting. Cash Accounting assesses the tax revenue required to pay for current year expenditures. GAAP Accounting also assesses the addtional tax revenue required to properly fund the social benefit trust fund to pay for future year social benefit expenditures.
As a result of these actions, the U.S. Government has debt of $18.1 Trillion, has Unfunded Liabilities of $82.8 Trillion (this is my estimate since the U.S. Government does not report with GAAP Accounting), has ZERO dollars in the social benefit trust fund to pay for your social benefit promises when they need $87.9 Trillion to pay the current promises, has overpaid the direct and indirect Government employees and their supporting businesses by $18.1 Trillion, and has undertaxed U.S. citizens and businesses, primarily the richest people and the most prosperous businesses, by $100.9 Trillion.
www.usdebtclock.org reports U.S. Government GAAP basis Unfunded Liabilities of $95.6 Trillion which is even higher than my estimate of $82.8 Trillion.
This means that the people that work for the U.S. Government are doing great because they have been overpaid by $18.1 Trillion. This means that the most prosperous people and businesses are doing really really great because the U.S. Government has undertaxed them by $100.9 Trillion. This means that if you do not work for the U.S. Government (the ruling class), are not in the upper class, and are counting on Social Security, Medicare, or other social benefits you are in deep trouble because the U.S. Government has made you false promises of $87.9 Trillion and instead of keeping those promises has given $100.9 Trillion to the ruling class and the upper class.
This is how the U.S. Government has made "The Rich" so rich; by using corrupt and fraudulent accounting to cheat the Common Man.
The people in the U.S. Government love this fiscal policy because they have paid themselves $18.1 Trillion more than the U.S. taxpayer can afford. The people on Wall Street and in the upper class really really love this fiscal policy since it has given them $100.9 Trillion. The rest of the U.S. citizens (the "Common Man") are headed toward financial devastation as a result of these lies by the U.S. Government.
See Cheating the Common Man! on www.usaponzi.com for more details about this U.S. Government fraud and the resulting Ponzi scheme which I have named USAPonzi.
This situation can only be resolved by the U.S. Government adopting GAAP Accounting and committing to a nominally balanced GAAP basis budget. This will ensure an equitable and sustainable Fiscal Policy.
John W. White