The U.S. Government is Corrupt and Fraudulent! 7/9/15
July 9, 2015
As posted on www.usaponzi.com
The U.S. Government is Corrupt and Fraudulent! The U.S. Government is running a massive Ponzi scheme by not requiring that the current taxpayers pay all of our current liabilities and deferring most of them to the future U.S. taxpayer (see Is the U.S. Gov Overspending or Undertaxing?).
The U.S. Government has been spending more than it is collecting in tax revenues since FY1969. The U.S. Government has been paying itself, its employees, and its supporting businesses more than the U.S. Taxpayer can afford since FY1969. The U.S. Government has been promising and paying more social benefits than the U.S. taxpayer can afford since FY1969. The U.S. Government, by using improper accounting for assessing and collecting tax revenue, has chosen to not fund the future social benefit promises that it has made to the U.S. citizens.
This overspending, overcommitting and undertaxing has dramatically stimulated the U.S. and global economy (see U.S. "Real" GDP FY2015 with $5.5T Deficit) causing the U.S. to appear more prosperous than we really are by nearly 1.6X. Because the U.S. citizens and businesses have not had to pay for this overspending and overcommitting they have become very rich. If the U.S. Government was using proper Accounting, they would be reporting that we have Debt of $18.3 Trillion (which they do report) and Unfunded Future Liabilities of $78.7 Trillion for total Public Liabilities $97.0 Trillion.
By incurring this $97.0 Trillion of Public Liabilities that they have passed on to the future U.S. taxpayer, they have made the current U.S. citizens and businesses appear to be $97.0 Trillion richer.
1) This fraud has overpaid the direct and indirect Government employees, some of it with counterfeit money, giving them an opulent lifestyle and made some of them rich.
2) This fraud has given the U.S. upper class an opulent to super opulent lifestyle and has made them rich to super rich with counterfeit money. They don't have to pay for the overspending and overcommitting of the U.S. Government. The U.S. upper class is not getting super rich because of anything they produced or anything they did. The U.S. upper class is getting rich because of a corrupt and fraudulent U.S. Government Fiscal Policy including the use of a corrupt and fraudulent accounting system.
3) This fraud has paid social benefits that are unaffordable, some of it with counterfeit money, giving many of the recipients a sustainable living and paying much of their healthcare expenses.
4) This fraud has passed a massive and unpayable obligation of $97.0 Trillion to the future U.S. taxpayer.
5) This fraud has left the future U.S. citizens with nothing, not one penny, in the social benefit trust fund to pay for the promised social benefits. The people that are expecting to receive Social Security, pensions, and Government paid healthcare are "out of luck" because the U.S. Government has made $78.7 Trillion of social benefit promises and has not funded a single penny of that obligation. These future social benefit recipients will suffer the same plight as the Greek citizens are seeing now, an ATM that has no money in it to pay these Government promises.
By using a Ponzi scheme Fiscal Policy, the U.S. Government is playing favorites, it is overpaying itself, it is making the upper class rich, it is paying the current social benefit recipients as promised (as any good self respecting Ponzi scheme should do), it is claiming that the next generation of taxpayers will pay the bill, and it is hanging the future social benefit recipients "out to dry".
The U.S. Government is creating artificial wealth, with counterfeit money, by the GAAP basis Deficit Spending of USAPonzi that produces this Private wealth by assuming Public Liabilities. Simply transfering $97.0 Trillion of phantom wealth from the future U.S. citizens to the current U.S. citizens and businesses with a corrupt and fraudulent Fiscal Policy.
This is Government fraud to the max. $97.0 Trillion worth of fraud and growing by another $5.5 Trillion during FY2015.
The ruling class gets a good deal, the upper class gets a great deal, the current citizens get a fair deal, and the future citizens and the future taxpayers get a terrible deal.
The U.S. citizenry must demand that the U.S. Government adopt GAAP Accounting and commit to a balanced GAAP basis budget in order to establish an equitable and sustainable fiscal policy for the Government of the United States of America.
See The Implosion of USAPonzi for what I predict will have to happen when USAPonzi implodes.
See The Distortions of USAPonzi for a discussion of some of the issues that USAPonzi is causing in the global economy.
The U.S. Government is operating
"The Biggest Ponzi Scheme on the Planet"!!!!