TAXPAYER MONEY IS BEING WASTED. BORROWED MONEY IS BEING HIDDEN. What taxpayer money? Income taxes, property taxes, sales taxes, franchise taxes, 46 different taxes. Income taxes are spent by March 31st annually. The rest of the year is borrowed money. The US debt clock is maintained by the US Chamber of Commerce using GAAP (generally accepted accounting principles) in conjunction with the US Budget office using BARS (budget accounting record system).
Both are never reconciled or reported to the American public except on the debt clock. What do the books show? There are no books just disbursement ledgers and cash collection estimates. On the www.openthebooks.com there is a detail reporting of government expenditures under the Freedom Of Information Act.
Total government workers 24 million $1.9 trillion payroll plus benefits.
Per the www.usdebtclock annual Federal spending $6.3 trillion US Gross National Product $27.4 trillion, US spending to GDP, 132%, Federal current debt, $32.7 trillion, long term debt $192.9 trillion.
Total US unfunded debt $225 trillion,
Total US assets $192 trillion,
Includes, 8,55 tons of Gold, plus Uranium, Plutonium, Precious metals, oil, gas, farmland, small business, corporations, stakeholders.
US underwater ($33 trillion),
Insolvent and bankrupt by any financial and societal definitions.
State and Local debt $ 3.4 trillion,
State and Local spending $10.1 trillion,
Federal income tax revenue $ 4.6 trillion,
State and Local tax revenue $ 2.2 trillion,
US trade deficit (China $281 billion) $ 1.2 trillion,
(US imported oil $250 billion OPEC $39.2 billion,
US debt held by foreign nations $7.6 trillion,
State and Local tax revenues $ 3.4 trillion,
Unfunded Federal interest debt $101.9 trillion,
US Interest paid yearly $3.7 trillion,
Unfunded pension debt $3.8 trillion,
Personal debt $24.6 trillion,
Mortgage debt $19.7 trillion,
Student loan debt $1.8 trillion,
Credit card debt $1.8 trillion,
Federal Reserve unfund interest debt $11.9 trillion,
Federal Reserve assets $8.2 trillion,
Small business assets $17.1 trillion,
Corporation assets $21.7 trillion,
Household assets $156.3 trillion,
Social security liability $22.8 trillion,
Medicare liability $35.6 trillion,
US unfunded liabilities $192.9 trillion,
Summary, America is Insolvent and bankrupt by any financial and societal definitions. With a derivative bubble of $600 trillion, based on the US stock markets, precious metals market, Federal Reserve Bank central bank, $1.1 trillion anural trade deficit, and US housing market. With $7 trillion in Federal Reserve notes and bonds due to foreign investors with a negative yield curve inclining to a recession turned depression of worldwide implications.
To right the ship and Keep America Great, the American Enterprise Party proposes in the Trilogy a quasi-reorganization of America's economic and financial systems of recording and reporting GAAP accounting principles, supplementing the US BARS budgetary cash basis system of cash in and out, including borrowing as a cash receipt item not an obligation to repay with interest. Authored by and represented by Jerry Rhoads, CPA, founder and CEO of the third political party.
