American Dream destroyed by Fraud
May 5, 2018
Emailed to WSJ/NYT/WP/DMN, the US SEC, Congressman Pete Sessions, Congressman Sam Johnson, Senator John Cornyn, and Senator Ted Cruz on 5/5/18
The following is an Op-Ed to “The Wall Street Journal”, “The New York Times”, “The Washington Post”, and “The Dallas Morning News” that explains why “The American Dream has been destroyed” by U.S. Government 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 “colossally feather the nests of their upper-class friends”!
The “news media” is aiding and abetting the corrupt and criminal U.S. Government by refusing to report this fiscal and accounting fraud!
American Dream destroyed by Fraud
May 5, 2018
The American Dream has been destroyed by U.S. Government fiscal and accounting fraud! The U.S. Government has destroyed any sense of equal opportunity for all Americans by not operating its fiscal policy with proper accrual accounting!
American Dream definition in Dictionary.com
American Dream: the ideals of freedom, equality, and opportunity traditionally held to be available to every American. The term American Dream was coined by writer and historian James Truslow Adams in his best-selling 1931 book “Epic of America.” He described it as “that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”
The American Dream appears to have been working over the last couple of generations as the standard of living has improved for each generation of Americans relative to the prior generation. We now have bigger houses, bigger cars, two cars or more in many garages, air travel has become rather routine, most Americans have access to a color TV and a smartphone, entertainment and vacations have become much more extravagant, we have more leisure time, and fewer people in America have to be engaged in the work force.
However, this continually elevating standard of living in America has been created by U.S. Government fiscal and accounting fraud! This fraud was started in FY1969 when LBJ proposed and the U.S. Congress approved the “Unified Budget”. This radical change to our fiscal policy launched a massive Ponzi scheme, I call it USAPonzi, that has allowed the corrupt and criminal U.S. Government to fraudulently borrow $113.1 Trillion from the future Americans and give it to the current Americans but with most of this money going to the U.S upper class!
This $113.1 Trillion, created out of “thin air”, has elevated the standard of living of all Americans but it has also caused a colossal disparity in the standard of living for the U.S. upper class relative to that of the U.S. general public. This fraud is caused by the U.S. Government not adhering to the rules of accrual accounting. The U.S. Government is not properly accruing for future U.S. Government benefits.
Because of this fraud, the U.S. upper class has been undertaxed by $113.1 Trillion and the future benefit promises to the U.S. general public have been underaccrued for by $91.9 Trillion. This U.S. Government fiscal and accounting fraud has enriched the U.S. upper class by $113.1 Trillion and has shortchanged the U.S. general public by $91.9 Trillion.
The American Dream, as envisioned by James Truslow Adams, has been destroyed by this fiscal and accounting fraud that is being perpetrated by the corrupt and criminal U.S. Government! This fraud is explained in more detail in my Open Letter to Planet Earth commentary!
The corrupt and criminal U.S. Government is borrowing money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class! So far, this accounting fraud has borrowed $113.1 Trillion (US Unfunded Liabilities (GAAP)) of fake money from the future Americans and given it to the U.S. upper class and is borrowing $16.5 Billion more fake money every day from the future Americans and giving it to the U.S. upper class (GAAP basis deficit in FY2018 = $6.01T/365 days = $16.5B/day)!
I call this fraudulently borrowed money imaginary-counterfeit money because the corrupt and criminal U.S. Government is borrowing money from the future Americans that the future Americans do not have and giving it to the U.S. upper class by undertaxing them! This fraudulently borrowed money is both imaginary and counterfeit because the future Americans do not have $113.1 Trillion! This is a $113.1 Trillion fraud!
The U.S. Government is creating the illusion of wealth and prosperity in America by committing a fiscal and accounting fraud that has fraudulently borrowed $113.1 Trillion of monopoly money from the future Americans and given it to the U.S. upper class!
This accounting fraud has created the illusion that the American Dream is working but it has also caused a huge wealth and income gap between the upper class and the common man! James Truslow Adams' dream of equality in America has been destroyed by the same fraud that caused the fraudulent elevation of the standard of living in America relative to that of the rest of the planet!
The corrupt and criminal U.S. Government has borrowed $113.1 Trillion from the future Americans and given it to the U.S. upper class to give the illusion that the American Dream is being realized! That is what Ponzi schemes do, they improve the lot of the early participants at the expense of the late participants! This accounting fraud has enriched the U.S. upper class by $113.1 Trillion over the last 49 years but the future Americans are going to be really pissed when they realize that their future benefits have been underfunded so the current U.S. upper class can get richer and richer!
The U.S. upper class is getting rich now and the future Americans are going to be screwed later!
Later may not be very far away!
One never knows when a Ponzi scheme is going to implode! But there is one thing that is certain; a Ponzi scheme will implode eventually (See The Implosion of USAPonzi)!
How can the U.S. Government claim any sense of fairness and support for the American Dream of equality when it is fraudulently enriching the U.S. upper class by $113.1 Trillion and shortchanging the U.S. general public by $91.9 Trillion?
The U.S. Government is filled with scoundrels, liars, cheaters, and criminals that are running a massive Ponzi scheme because they are not operating the U.S. Government fiscal policy with proper accrual accounting!
To eliminate this massive fraud, the U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget. GAAP Accounting (Generally Accepted Accounting Principles) is the commonly used name in America for the accounting guidelines for accrual accounting!
|Cash Deficit in FY2018
|GAAP Deficit in FY2018
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org May 5, 2018
This fraud/Ponzi scheme (USAPonzi) is explained in much more detail on my websites www.usaponzi.net and www.usaponzi.com and in my books “USAPonzi”, “USAPonzi2”, and “USAPonzi3”!
This is the biggest ($113.1 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W. White