Slipping $103.8 Trillion to the U.S. Upper Class!
October 12, 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 12, 2016
The U.S. Government has slipped $103.8 Trillion under the table to their rich friends by dramatically undertaxing them! The U.S. Government is borrowing imaginary-counterfeit money from the future Americans and giving it to the current Americans with GAAP basis deficit spending but almost all of this faux money is ending up in the pockets of the U.S. upper class.
The Democrats are right! The rich folks are not paying their fair share of taxes. In fact, the U.S. upper class has underpaid the taxes required to balance the federal budget by $103.8 Trillion! And yet the Republicans are still trying to convince the voting public that the path to economic recovery is lower, even much lower, taxes on both individuals and businesses. But until the U.S. Government starts using an honest accounting system, we will not really know if our fiscal policy is equitable and sustainable.
Truth in Government financial accounting and reporting will show that Americans have been living in a fantasy economic world for the last half century. Americans are living dramatically beyond their means because of U.S. Government fiscal and accounting fraud and corruption.
The U.S. Government is slipping money, albeit imaginary-counterfeit money, to the U.S. upper class and to themselves at an astounding rate! The U.S. Government does this by undertaxing the U.S. upper class. The U.S. Government has fraudulently deferred $103.8 Trillion of public liabilities (US Unfunded Liabilities (GAAP)) to the future Americans over the last 48 years, which dramatically elevates the standard of living of the current Americans, especially the U.S. upper class. $103.8 Trillion should perk up just about anyone's day (See The Concept of Imaginary-Counterfeit Money).
The U.S. citizenry needs to understand that the U.S. Government is borrowing/stealing money, $103.8 Trillion to date, from the future Americans and giving it to the current Americans. The U.S. Government is giving most of this money to the U.S. upper class but is also making many of the senior U.S. Government officials wealthy with this fiscal and accounting fraud (See The Clinton Fraud). This is the biggest crime ever committed and it is being perpetrated by the Government of the United States of America.
This massive but fraudulent wealth transfer from the future Americans to the current Americans is being conducted in plain sight but it is being camouflaged to some degree by the use of fraudulent accounting. The U.S. Government is using Cash Accounting rather than the proper GAAP Accounting.
I do not know how I can be any more direct with my explanation of this fiscal and accounting fraud. The U.S. Government has deferred $103.8 Trillion of public liabilities to the future Americans and undertaxed the current Americans by $103.8 Trillion. The rest of the planet and the U.S. Common Man are placing undue trust in the senior officials of the U.S. Government by allowing the U.S. Government to transfer $103.8 Trillion to the U.S. upper class and to themselves simply by operating with a dramatically unbalanced budget. Our GAAP Deficit in FY2017 is projected to be $5.70 Trillion.
This is fraud! This is Government corruption to an unheard of extreme! I call this "The Ultimate Government Fraud"!
This fiscal and accounting fraud is what has created the wealth gap that is so pronounced between the "one percenters" and the Common Man (See Creating the 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"!