Open Letter to U.S. General Public 180803
August 3, 2018
Emailed to WSJ/NYT/WP/DMN, the US SEC, Congressman Pete Sessions, Congressman Sam Johnson, Senator John Cornyn, and Senator Ted Cruz on 8/3/18
The following is an Op-Ed to “The Wall Street Journal”, “The New York Times”, “The Washington Post”, and “The Dallas Morning News” that is an “Open Letter to the U.S. General Public” which explains how corruption within the U.S. Government is cheating the U.S. general public because the U.S. Government is not properly accruing for its benefit promises to the U.S. general public! The U.S. Government is not operating its fiscal policy with proper GAAP Accounting!
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 U.S. Government is not using proper accrual accounting!
The “news media” is aiding and abetting the corrupt and criminal U.S. Government by refusing to report this fiscal and accounting fraud!
Open Letter to US General Public 180803
August 3, 2018
The U.S. Government is lying to and cheating the U.S. General public!
This is an open letter to the U.S. general public to inform you that the U.S. Government is promising you future U.S. Government benefits that it has no intention or capability to pay you! The U.S. Government is spending the money that you are paying in for these future benefits, for other purposes, and is not taxing the U.S. upper class nearly enough to properly fund the benefit promises that the U.S. Government is making to you the U.S. general public.
The U.S. Government is committing fiscal and accounting fraud by not operating its fiscal policy with Generally Accepted Accounting Principles (GAAP Accounting)! The U.S. Government has underfunded these future benefit promises to the U.S. general public by $92.9 Trillion (US Unfunded Future Liabilities)!
The U.S. Government is also borrowing money, $21.3 Trillion our National Debt, so that it can overpay the U.S. Government employees and U.S. Government related businesses!
Because the U.S. Government is undertaxing the U.S. upper class by our National Debt ($21.3T) and our US Unfunded Future Liabilities ($92.9T), the U.S. upper class is getting richer and richer! The U.S. upper class has been fraudulently given $114.2 Trillion (US Unfunded Liabilities (GAAP)) because the U.S. Government is overspending to overpay itself and is not properly funding the benefit promises it has made to you the U.S. general public!
The U.S. Government is lying to you and cheating you because it is not using the proper accounting system to tax the U.S. upper class as required to fulfill its benefit promises to you the U.S. general public!
The U.S. Government has cheated you out of $92.9 Trillion, has fraudulently overpaid itself by $21.3 Trillion, and has fraudulently enriched the U.S. upper class by $114.2 Trillion!
The U.S. Government is fraudulently enriching itself and its upper-class friends while lying to you and cheating you the U.S. general public by using fraudulent accounting!
The U.S. Government is borrowing money from the future Americans, money that the future Americans do have, and giving it to the U.S. upper class by undertaxing them! I call this fraudulently borrowed money imaginary-counterfeit money since the U.S. Government is imagining that the future Americans will be able to pay it someday but it is counterfeit because the future Americans can never pay it!
The U.S. Government has deferred $114.2 Trillion of public liabilities to the future Americans (US Unfunded Liabilities (GAAP)) and given the U.S. upper class $114.2 Trillion of imaginary-counterfeit money by undertaxing them so the current Americans can buy stuff without having to pay for it!
The U.S. Government should have $92.9 Trillion in the bank earning interest to pay the benefits that it has promised to you the U.S. general public! However, the U.S. Government has no money in the bank to pay these future benefit promises and in fact it has a National Debt of $21.3 Trillion!
The U.S. Government is lying to you when it says it will pay you these future benefits! The U.S. Government has determined that it is more important to enrich itself and its upper-class friends than it is to keep its benefit promises to you the U.S. general public!
The U.S. Government does not have the money to continue paying you Social Security, healthcare, veterans benefits, and government pensions!
All of these benefit payments will have to stop immediately when the U.S. Government is unable to borrow more money and, in fact, the U.S. Government has no way to ever pay off the $21.3 Trillion that it now owes the current U.S. Government bondholders! These U.S. Government bonds are worthless!
This is not a problem that will hit us in 10 or 20 years. This is a crisis level problem today as will be demonstrated when Congress is forced to come up with a fiscal spending plan for FY2019 by Sept 30, 2018 that will have a larger budget deficit (Cash basis budget deficit) than FY2018! GAAP Accounting reports that we will have to borrow a total of $114.2 Trillion to meet the current public liabilities and we will add at least another $6 Trillion (GAAP basis budget deficit) to these public liabilities in FY2019!
The U.S. Government is bankrupt!
The U.S. Government is lying to you and cheating you by promising you benefits that it clearly knows that it will not be able pay you, the U.S. general public!
The U.S. Government is lying to and cheating the U.S. general public so that it can fraudulently enrich itself and its upper-class friends!
The U.S. Government is corrupt!
The senior officials of the U.S. Government are common criminals that have committed a $114.2 Trillion criminal act by not using GAAP Accounting also called accrual accounting! The senior officials of the U.S. Government are common criminals because they are direct financial beneficiaries of this massive fraud!
We now have 535 criminals in the U.S. Congress and an untold number of criminals in the White House!
This fraud is explained in more detail in my Open Letter to Planet Earth!
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 Aug 3, 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 ($114.2 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W. White