Definition, Budgetary accounting is a forecaster of the future disaster, whereas GAAP accrual accounting is a report on the past disaster to be changed in the future with problem solving.Even though It all points to incompetent leadership ... from Hoover to Cater to Bush Sr., and Bush Jr. to Clinton, to Trump to Biden to likely Harris. None, including Trump have ever started a business, invented a product or met a payroll the size of Federal, State and local 24 million government bureaucrats accruing an annual payroll and best benefit package, totaling $1.9 trillion US dollars of annual fixed overhead, with adding another 87,000 IRS agents costing $87 billion dollars added to catch cheaters on their tax returns to balance a $9 trillion infrastructure bill and a $6 trillion operating budget. With Biden claiming that it won’t cost taxpayers one cent. Taxes are spent by the end of March.
HE'S RIGHT, IT’S ALL BORROWED MONEY ... THE TREASURY STEPS ONCE AGAIN!! Each stopped by Joe Manchin, D.WV, the swing vote in a gridlocked 50/50 Senate ... who has since retired from the Senate looking for a third party run at the Presidency. With his departure, applauded by the Dems as getting him out of the way for BBB build back biggergovernment ... so in the meantime VP Harris being the swing vote in the Senate passed 34 bills to President Biden to sign into law without a source to pay forthem.
With an annual $1.2 trade deficit losing cash flow, from shut down of the energy production, creating a back logof $17 trillion in unpaid interest on treasuries, with an inverted yield curve for 30-year redemptions paying 1.4% on discounted Bonds, and 1-year redemptions and day trading of Bills 4.2% respectively. As China aligned with OPEC. NorthKorea and Russia, asking the World Trade and Import/Export Banks, to de-dollarize trade, replacing the dollar fiat currency, as reference currency, with the Yuan.
Operationally, due to America’s Federal, State and Local insolvency and likely bankruptcy shown on the Durst debt clock www.usclock.org. Also, the international debt clock showing America GDP as $27 million (a negative of135% equals current debt), China’s GDP as $17 trillion, and $42 trillionadding the USSR, OPEC and alliances of Africa, India, South and Central America versus $103 trillion worldwide GDP. Eastern Hemisphere $50 trillion and Western Hemisphere $53 trillion, shifting $1 trillion every day to the East, due to theimbalance of Trade. In waiting to me merged into China’s energy cartel.
With a contrived USA, Inc. balance sheet showing Federal current debt $37 trillion($8 trillion held by foreign exporters) added to $63 trillion State and local current debt equals $101 trillion, current liabilities payablein the next accounting cycle. $150 trillion in long-term obligations forFederal, State and Local governing bodies in many cases having their accruedpensions exceed their GDP. With $171 trillion in total assets as hidden wealth backing our USA currency.
That collateralbacking the $251 trillion debt and accumulated deficits. With a negative networth of $60 trillion. Currently, China, Russia, OPEC have liens on outstandingUS Treasuries that can be used to execute an insolvency filing under USA’SChapter 15 of the UN International monetary fund to act as the bankruptcy court that relies on the sovereign country’sdebtor nation’s bankruptcy filing and adjudication rules.
(USA currently exceeds GDP by 135% for current debt and long term debt of $250trillion exceeds its collateral of $171 trillion by 146%. And growing at therate of $1 trillion per month.
A gargantuan $251 trillion totaldebt, including social security, Medicare, Medicaid, 13 entitlements andgrowing. Accrued interest estimates of $17 trillion accrued interest on $37trillion US Treasuries, with accrued government pension obligations of $17trillion for 24 million government workers, growing at the rate of one millionnew hires per year.
