The $103 Trillion Gift to the U.S. Upper Class!
August 1, 2016
The U.S. Government is committing fiscal and accounting fraud that has given the U.S. Upper Class $103 Trillion!
Donald Trump and Hillary Clinton have both gotten rich because of this U.S. Government fraud that I call USAPonzi.
I know that this sounds preposterous but this is one of consequences of USAPonzi. The U.S. Government has borrowed $103.0 Trillion from the future U.S. taxpayers so that the U.S. upper class does not have to pay the taxes to cover the U.S. Government's overspending and overcommitting. If this current fiscal policy is allowed to continue, the U.S. Government will give the U.S. upper class an infinite amount of money.
This is why we have so many millionaires and billionaires on the planet (See The Imaginary Millionaires and Billionaires). These folks are not getting rich by earning money, they are getting rich from U.S. Government fraud. The U.S. Government is producing imaginary-counterfeit money out of "thin air" with GAAP basis deficit spending. The U.S. Government has deferred $103.0 Trillion of public liabilities to the future U.S. taxpayers and the U.S. upper class is the beneficiary of this undertaxing. This is simple accounting fraud that is making the U.S. upper class rich by fraudulently borrowing $103.0 Trillion from the future U.S. taxpayers and giving it to the U.S. upper class.
This is why the wealthy U.S. upper class is so willing to give large contributions to the politicians that are perpetrating this fraud. This is why the Clinton Foundation has been able to collect $2 Billion of donations. This is why large corporations are willing to pay Bill and Hillary Clinton huge fees for giving short speeches.
The U.S. Government is creating faux money with accounting fraud and GAAP basis deficit spending. The U.S. Government spends money it does not have, commits to spend money that it will never have, and the U.S. upper class gets the benefit of this overspending and overcommitting because they do not have to pay the taxes that would be required to balance the budget.
The U.S. Government is borrowing $15.7 Billion more imaginary-counterfeit money from the future U.S. taxpayers every day (GAAP Deficit in FY2016 $5.73T/365 = $15.7B).
The U.S. Government is using fraudulent accounting to conceal the magnitude of this borrowing by reporting its financial condition with Cash Accounting rather than the proper GAAP Accounting. This has created a massive Ponzi scheme that I call USAPonzi.
This is fraud because the future U.S. taxpayers can never pay this $103.0 Trillion! The U.S. Government is slipping money, a lot of money, under the table to the U.S. upper class simply by not balancing the U.S. budget.
www.usdebtclock.org reports this $103.0 Trillion of borrowing as US Unfunded Liabilities (GAAP).
Cash Deficit in FY2016
|GAAP Deficit in FY2016
|Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org July 26, 2016
The U.S. Government has been committing this fiscal and accounting fraud since FY1969. The United States is not that much different than most other parts of the planet except for the fact that our U.S. Government is much more corrupt than most governments.
Incurring debt creates accelerated consumption and we have been spending the future U.S. taxpayers' money for the last 47 years. $103 Trillion of borrowing from the future U.S. taxpayers has allowed us to buy and build a lot of stuff that we cannot afford (See Filling the Planet with Junk) and it has made the U.S. upper class filthy rich (See Getting Rich on Borrowed Money).
This is why the unemployment rate is so low because people don't work because the U.S. Government is creating enough imaginary-counterfeit money to pay grossly unaffordable social benefits that it makes not working more valuable than working.
The U.S. Government plan to raise the minimum wage is foolhardy until the U.S. Government starts using honest accounting to determine what is in fact an "affordable minimum wage". Raising the minimum wage to try to close the wealth and income gap is foolish until we find out what the "true" wealth and income of the U.S. upper class really is.
Our wealth is currently overstated by $103 Trillion!
This fraud has been very kind to all Americans but the U.S. upper class has received a $103 Trillion windfall gift from the U.S. Government because of USAPonzi. And yes many of the senior officials in the U.S. Government have also gotten very rich because of this fiscal and accounting fraud. Both Donald Trump and Hillary Clinton have become very wealthy because of this fraud (See Clinton/Trump: Getting Rich(?) from U.S. Gov Fraud).
USAPonzi is 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 format and on www.usaponzi.com in PDF format.
This is the biggest ($103.0 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and "The Biggest Ponzi Scheme on the Planet".