Luxurious Living for the U.S. Upper Class!
May 1, 2017 Emailed to WSJ/NYT/DMN on May 2, 2017
The following is an Op-Ed to "The Wall Street Journal", "The New York Times", and "The Dallas Morning News" that explains why the U.S. upper class is living a luxurious lifestyle. The U.S. Government is creating imaginary-counterfeit money out of "thin air" by fraudulently borrowing it from the future Americans and giving it to the U.S. upper class. $106 Trillion of imaginary-counterfeit money has been given to the U.S. upper class over the last 48 years. $106 Trillion can buy you some real luxury!
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".
Luxurious Living for the U.S. Upper Class!
May 1, 2017
The U.S. Government is fraudulently borrowing a geometrically increasing amount of money from the future Americans and giving it to the U.S. upper class. As of May 1, 2017, the U.S. Government has given the U.S. upper class $106.0 Trillion and is giving them $15.29 Billion more every day. This fraud, if it is allowed to continue, will give the U.S. upper class infinite wealth!
No wonder we have a wealth and income gap!!!
The U.S. Government has given the U.S. upper class a luxurious lifestyle by committing fiscal and accounting fraud. The U.S. Government is not using Generally Accepted Accounting Principles (GAAP Accounting) and therefore is not taxing the U.S. upper class enough to balance the U.S. Government budget. This is a fraud that is making the U.S. upper class very wealthy while cheating the U.S. Common Man by not funding the benefit promises that the U.S. Government has made to the general public.
This fraud has given the U.S. upper class $106.0 Trillion because the U.S. Government has deferred $106.0 Trillion of public liabilities to the future Americans. The U.S. Government is borrowing fake money from the future Americans and giving it to the U.S. upper class by undertaxing them. This is why the U.S. upper class has big houses, big cars, and big bank accounts. The U.S. Government is cheating the U.S. Common Man so that it can overpay itself and dramatically enrich its U.S. upper class friends.
This is a fraud because the money that the U.S. Government is borrowing from the future Americans does not exist. The U.S. taxpayers can't pay what the U.S. Government is spending today so how can the future Americans ever pay the $106.0 Trillion of public liabilities that have been deferred to the future Americans? That is why I say that the U.S. Government has given the U.S. upper class $106.0 Trillion of imaginary-counterfeit money.
This is a classic Ponzi scheme, I call it USAPonzi, that is paying the early participants in the scheme with money that is coming in from the late participants in the scheme. Proper GAAP Accounting reports that the indebtedness of this scheme is $106.0 Trillion (US Unfunded Liabilities (GAAP)) as of May 1, 2017.
The U.S. Government is "printing" counterfeit money, $106.0 Trillion to date, by deferring unpayable public liabilities to the future Americans and is giving this counterfeit money to the U.S. upper class.
The U.S. Government seems to like the U.S. upper class a whole lot more than it likes the U.S. Common Man.
The following tables shows the details of this fraud as reported on www.usdebtclock.org. The U.S. Government is reporting its financial condition on a Cash basis and tells us that we have a deficit of $0.59 Trillion in Fiscal Year 2017 when our real deficit on a GAAP basis is $5.58 Trillion. The U.S. Government reports that we have a National Debt of $19.9 Trillion when our real public liabilities are US Unfunded Liabilities (GAAP) of $106.0 Trillion.
Our budget deficit is nearly 10 times what the U.S. Government reports and our public liabilities are over 5 times what the U.S. Government reports.
The U.S. Government conveniently ignores the fact that it has underfunded the future benefit liabilities by $86.1 Trillion.
The U.S. Government is cheating the U.S. Common Man by underfunding its benefit promises by $86.1 Trillion (US Unfunded Future Liabilities) and is fraudulently enriching the U.S. upper class by $106.0 Trillion (US Unfunded Liabilities (GAAP)) by undertaxing them.
The U.S. Government is corrupt! The senior officials of the U.S. Government are criminals because they have committed a $106.0 Trillion crime and they are direct financial beneficiaries of this crime. The U.S. ruling class and its related businesses have been overpaid by $19.9 Trillion, our National Debt.
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org May 1, 2017
This USAPonzi scheme has produced $106.0 Trillion of imaginary-counterfeit money out of "thin air" by fraudulently borrowing it from the future Americans and giving it to the U.S. upper class by undertaxing the U.S. upper class on a GAAP Accounting basis. US Unfunded Liabilities (GAAP) = $106.0 Trillion.
This U.S. Government fraud, that I call USAPonzi, 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 USAPonzi scheme 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. My book "USAPonzi" is available on this website in both Kindle and PDF formats.
USAPonzi is the biggest ($106.0 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