The Wealth Gap is caused by U.S. Government Fraud!
July 4, 2017 Emailed to WSJ/NYT/DMN on 7/4/17
The following is an Op-Ed to "The Wall Street Journal", "The New York Times", and "The Dallas Morning News" that explains how the U.S. Government is causing "The Wealth Gap" by committing fiscal and accounting fraud!
The "news media" has an ethical responsibility to inform the general public of how the U.S. Government is committing fiscal and accounting fraud to cheat the general public and the rest of the planet so they can "feather their own nests" and "dramatically feather the nests of their upper-class friends".
The Wealth Gap is caused by U.S. Government Fraud!
July 4, 2017
For the last several decades, we have been observing a widening wealth and income gap between the rich and the poor in America. In this commentary, I will explain that this "wealth gap" is caused by the U.S. Government fiscal and accounting fraud that I call USAPonzi. This "wealth gap" is caused by the U.S. Government using fraudulent accounting to borrow $106.7 Trillion from the future Americans and give it to the U.S. upper class!
That's right, the U.S. Government is using fraudulent accounting to give the U.S. upper class $106.7 Trillion. $106.7 Trillion is a hell of a lot of money! No wonder we have a wealth and income gap! The U.S. Government is fraudulently giving a whole hell of a lot of money to its upper-class friends! See How much money is 2.5 Trillion Dollars to get an appreciation for the size of this U.S. Government fraud.
The U.S. Government has caused "The Wealth and Income Gap" by fraudulently deferring $106.7 Trillion of public liabilities (US Unfunded Liabilities (GAAP)) to the future Americans and undertaxing the U.S. upper class by $106.7 Trillion! This is fraud because the future Americans can never pay these deferred public liabilities!
The Wealth Gap will continue to widen to infinity because the U.S. Government is borrowing an exponentially increasing and unbounded amount of money, I call it imaginary-counterfeit money, from the future Americans and giving it to the U.S. upper class! The U.S. Government likes the rich a whole lot more than it likes the poor! The U.S. Government is using a fraudulent fiscal policy that, if allowed to continue, will give infinite imaginary-counterfeit wealth to the U.S. upper class!
This U.S. Government fiscal and accounting fraud is fraudulently and colossally enriching the U.S. upper class! This fraud is dramatically enriching the U.S. ruling class! This fraud is colossally cheating the U.S. Common Man by not properly funding the U.S. Government benefit promises that the U.S. Government has made to the U.S. Common Man! This fraud is colossally cheating the rest of the planet by borrowing imaginary-counterfeit money from the future Americans so that the current Americans can buy stuff with this counterfeit money!
The Wealth and Income Gap in America is no mystery; it is caused by the U.S. Government, willingly and knowingly, committing a $106.7 Trillion, and growing, fiscal and accounting fraud!
The following are reports that discuss and quantify this wealth and income gap.
BLS April 2015 Report on income inequality
Inequality.Org 2015 Report on wealth inequality
The U.S. Government is corrupt! The U.S. Government is committing fiscal and accounting fraud by operating with Cash Accounting rather than the proper GAAP Accounting! The U.S. Government is overspending on a Cash basis creating National Debt of $20.0 Trillion. The U.S. Government is underfunding its benefit promises to the U.S. Common Man creating US Unfunded Future Liabilities of $86.7 Trillion. The U.S. Government has undertaxed the U.S. upper class creating US Unfunded Liabilities (GAAP) of $106.7 Trillion.
This is how the U.S. Government has given the U.S. upper class $106.7 Trillion. Simply by undertaxing them by $106.7 Trillion. This is how the U.S. Government has fraudulently created "The Wealth and Income Gap"! The U.S. Government has fraudulently borrowed $106.7 Trillion from the future Americans and given it to the U.S. upper class!
The BLS article noted above, makes the conjecture that this "Wealth and Income Gap" could be caused by monetary policy, when the "Wealth and Income Gap" is actually caused by the fraudulent fiscal policy that I call USAPonzi!
We must re-establish integrity within the U.S. Government! We must have Truth in the U.S. Government! The U.S. Government must start operating with an honest fiscal policy and accounting system!
Honest accounting will dramatically reduce "The Wealth and Income Gap" since this imaginary-counterfeit money, currently $106.7 Trillion, will evaporate when USAPonzi implodes! As the above BLS article accurately describes, we had a scary preview of this wealth evaporation during "The Great Recession of 2008"!
|| $20.0 Trillion
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org Jul 4, 2017
This U.S. Government fraud can only be equitably eliminated by the adoption of GAAP Accounting and a commitment to a balanced GAAP basis budget by the U.S. Government.
I have published a website www.usaponzi.net that explains how this fraud works to create a massive global wealth and income gap between the haves and the have-nots and to create false wealth and prosperity for the current Americans. The www.usaponzi.net website is an introduction to my more detailed website www.usaponzi.com and my books "USAPonzi" (Nov 22, 2015) and "USAPonzi2" (May 1, 2017) which are available on Amazon to better explain this fraud/Ponzi scheme.
This is the biggest ($106.7 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and it is "The Biggest Ponzi Scheme on the Planet"!
John W. White