Borrowing from the Future Americans
April 7, 2017
The U.S. Government is corrupt! The senior U.S. Government officials are criminals!
The U.S. Economy appears to be performing okay because the U.S. Government is corrupt!
The U.S. upper class appears to be getting really rich because the U.S. Government is corrupt!
The U.S. Government is corrupt because it is borrowing money from the future Americans, money the future Americans do not have, and giving it to the current Americans. By borrowing $105.7 Trillion of imaginary-counterfeit money from the future Americans, current Americans can buy a lot of stuff they cannot afford. By borrowing $105.7 Trillion of imaginary-counterfeit money from the future Americans and giving most of it to the U.S. upper class, the U.S. Government has appeared to make the U.S. upper class very rich.
Author's Note: See The Concept of Imaginary-Counterfeit Money for a detailed discussion of how GAAP basis deficit spending creates imaginary-counterfeit money.
The U.S. Government is doing this by operating a Ponzi scheme (USAPonzi) by using Cash Accounting rather than the proper GAAP Accounting (Generally Accepted Accounting Principles).
The following table shows the U.S. Government financial status as of April 7, 2017 as reported on www.usdebtclock.org.
The U.S. Government has undertaxed the current Americans, primarily the U.S. upper class, by $105.7 Trillion (US Unfunded Liabilities (GAAP)).
The U.S. Government has overspent its cash tax receipts by $19.9 Trillion (National Debt).
The U.S. Government has underfunded the government benefit promises it has made by $85.8 Trillion (US Unfunded Future Liabilities). Because the U.S. Government is using Cash Accounting, it is not collecting enough tax revenues to pay future benefit promises.
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|| $85.8 Trillion
|US Unfunded Liabilities (GAAP)
| Total National Assets
Source: www.usdebtclock.org April 7, 2017
The following chart graphically displays how this U.S. Government fraud has increased private assets (Total National Assets), since USAPonzi was launched in 1969, by undertaxing the current Americans and deferring public liabilities (US Unfunded Liabilities (GAAP)) to the future Americans. The U.S. Government is simply borrowing imaginary-counterfeit money from the future Americans and giving it to the current Americans to produce this accounting fraud.
In this chart; net private assets = private assets - public liabilities.
The U.S. Government is fraudulently borrowing imaginary-counterfeit money from the future Americans to enrich the U.S. upper class, to overpay the U.S. ruling class, and to allow all Americans to buy a lot of stuff they really cannot afford with this imaginary-counterfeit money.
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.
This is the biggest ($105.7 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