Yesterday, I wrote about the government balance sheet. You can read that blog post here.
The bottom line is that student loans make up more than 30% of our ASSETS. However, the General Accounting Office (GAO) issues a report card on various governmental agencies.
The Department of Defense, Department of Housing and Urban Development, and the Department of Agriculture are all singled out for their failure to prepare complete and accurate financial statements.
This is corroborated by a report published last year stating that the Defense Department has somehow “misplaced” $8.5 trillion of taxpayer money over the last 20 years. WHOA!
The GAO cites other material weaknesses in the government’s reporting of supposed cost reductions in Medicare and Social Security.
In all, the GAO calculates that these financial uncertainties total $27.9 trillion, suggesting that the government’s true financial condition is far worse than reported.
(The above photo is our national debt..pretty staggering, huh?)
Bottom line-- if this were a private company, Barack Obama and Jack Lew would be wearing dayglo orange jumpsuits in court while facing felony fraud charges.
It’s not just the $18.2 trillion in negative net worth. Or the $41+ trillion (by their own calculations) in the Social Security shortfall.
It’s the fact that they can’t even stand in front of the American people with an honest accounting of how pitiful the financial situation really is.
The government of the United States is totally, desperately, hopelessly bankrupt. And they become even more insolvent with each passing year.
Nearly every single dominant superpower throughout history was eventually consumed by its unsustainable finances.
And in their decline from power, bankrupt governments rely on a simple playbook to desperately try to maintain the status quo by every means available.
They destroy freedom. They impose a police and surveillance state. They seize assets. They wage campaigns of violence and intimidation.
They impose capital controls. Cash controls. People controls. Whatever it takes. It is already happening here.
This time is not different. The finances of the US government are obvious, as is the trend.
We’re not talking about what ‘might happen’ or ‘could happen’. We’re talking about what IS happening.
Paddy Deighan J.D. Ph.D