The U.S. Government is Cheating the Common Man!
September 16, 2016
The U.S. Government is cheating the Common Man. The U.S. Government is promising to pay Social Security and Healthcare benefits to the U.S. citizenry but has not been funding these future promises for the last 48 years!
The U.S. Government adopted the "Unified Budget" in 1969 which allowed the U.S. Government to spend the money being paid in by the U.S. citizenry to finance these future social benefits to pay for general operating expenses. Since Fiscal Year 1969 there has been no money set aside to fund these future promises. All tax revenue that has been paid in since 1969 has already been spent and the U.S. Government has borrowed a total of $19.5 Trillion (National Debt) to cover general operating expenses.
The social benefits, veterans' benefits, and government pensions are now underfunded by $84.0 Trillion (Unfunded Future Liabilities). The U.S. Government employees and related businesses have been dramatically overpaid because the U.S. Government has been spending all of the Social Security and Healthcare premiums intended for future benefit payments plus additional borrowings from the public to cover general operating expenses.
Yes, you read that right; the U.S. Government is using your Social Security and Medicare money to overpay itself! Yes, you read that right; the U.S. Government has underfunded your future benefit promises by $84.0 Trillion.
The U.S. upper class is now very, very rich because they have not had to pay the taxes to cover our National Debt ($19.5 Trillion) and our Unfunded Future Liabilities ($84.0 Trillion). The U.S. upper class has been given $103.5 Trillion because the U.S. Government has undertaxed them by $103.5 Trillion.
This is why the U.S. upper class is so very, very rich. This is why there is such a huge wealth and income gap between the U.S. upper class and the Common Man. $103.5 Trillion has made the U.S. upper class very, very rich.
The U.S. Government is overpaying itself creating National Debt of $19.5 Trillion, is undertaxing the U.S. upper class by $103.5 Trillion (US Unfunded Liabilities (GAAP)) to make them very, very rich, and is cheating the Common Man by not funding the social benefit promises that are now valued at $84.0 Trillion (Unfunded Future Liabilities).
The U.S. Government is corrupt. The U.S. Government is operating a massive Ponzi scheme by deferring $103.5 Trillion of public liabilities to the future Americans. The U.S. Government is operating with a corrupt and fraudulent fiscal policy by using Cash Accounting rather than the proper GAAP Accounting (Generally Accepted Accounting Principles) in an attempt to conceal this fraud and corruption.
The U.S. Government, by using a corrupt and fraudulent fiscal policy, is favoring the Government employees and businesses by overpaying them, is dramatically favoring the U.S. upper class by undertaxing them, and is cheating the Common Man by not funding the future benefit promises.
This dramatic inequity can only be resolved 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 financial data used in the commentary were sourced from www.usdebtclock.org as of September 16, 2016.