Reprinted from: Exotic Research Report (Volume 1, Issue 1; Jan/Feb/Mar 1996)
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One of the greatest scams in this country is being pulled-off by our
own elected and appointed Washington officials. This scam is the size
of the “real national debt”. The term “off-Budget” should be the first
clue. Billions of dollars are being spent in Washington that do not
show up on the budget.
An excellent example was the alarming news that appeared in the November 22, 1993 article by David A. Vise) writer for the Washington Post about Federal government pension plans being underfunded by over a trillion (spelled with a “T”) dollars. This article stated:
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While the Federal government has pressured corporations to
fully fund their pension plans, it has allowed the retirement
programs for federal civilians and military employees to become
underfunded by more than $1 trillion.
The shortfall in these pension plans has remained largely hidden, experts said, even though it poses risks to taxpayers and federal workers. Although the pensions have been promised, the $1 trillion in underfunding is a taxpayer obligation that is not reflected in federal deficit figures.
Another clue regarding the size of debt is that the budget for the CIA is called a black budget. When they use this term they mean that this budgeted amount is secret, and not available to the public. By accident, the fact leaked out recently that the CIA was building a massive new structure in Washington, paid for out of a $ 1.9 billion slush fund. Do they keep this budget secret because of security reasons, or because they are ashamed to let the public know that they allow the CIA to spend such huge sums of money, especially when the ‘Evil empire’ is gone, and there is no apparent “enemy out there to spy on.
An even more alarming fact was revealed at the Bren Mahr College Entitlements Conference, December 13, 1993, headed by Congresswoman Marjorie Margolics-Mezvinsky, which was held to pay off a political pledge from President Clinton to Marjorie in exchange for her vote on the 1993 Budget Bill. One of the panel members of this conference was Peter G. Peterson, Investment Banker; Chairman, The Blackstone Group; President, The Concord Coalition; and Chairman of the Council on Foreign Relations. During his statement, he said that “the Federal Government had borrowed over $7 trillion from the Social Security Trust Fund.” How much have they bled from the Aviation Trust Fund, Highway Trust Fund, and other “trust funds”?
The news media was well represented at the Bren Mahr conference, but as usual, they did not report on this alarming revelation by Pete Peterson.
These “Trust Funds” are names only. There is no cash register, security vault, or other container that holds these funds. When the money comes into the Treasury, it is simply credited to the “general fund”. When this fund runs dry, the result is deficit spending.
Deficit spending is casually and simply credited the national debt. This is no big deal. Congress just authorizes a new higher spending limit and then passes another appropriation request to fund the next grand project. They just push these massive debts down the road to our children and grandchildren to pay. If this terrible secret is not corrected soon our descendants will have to pay 80-90% of their income to repay this massive debt. What a gift!
In the real world, the business community must carefully account for every dollar of income and expense involved in their day-to-day activities. If their income exceeds their expenses, they make a profit. If their expenses exceed their incomes they have a loss. If the losses continue to the point that the business can no longer borrow additional operating funds, they go out of business. They simply are not allowed by generally accepted accounting practices to spend money “off budget.”
To top it all off, the international bankers are milking the US economy at the rate of $257 billion annually (1995), in the form of interest on the national debt. As the debt climbs each year this interest burden continues to increase. These bankers create their funds out of thin air, but we must repay this debt in cold hard cash. Let’s apply very simple math to this analysis:
Admitted national debt (8/3/95)~5 trillion
Underfunded Fed pensions (1993)1+ trillion
Borrowed from SS Trust (1993)7+ trillion
Total(???)13+ trillion
Hence, is the national debt really $13, $15 or possibly high as $20 or $27 trillion, or MORE?????
Now, every government official in Washington knows these facts, and therefore are deliberately lying to the citizens of this great country. Or else, they are naive. If they are that naive, how can they function?
All the Democrats and Republicans in Washington are parties to this grand deception. The only salvation is to replace them all with concerned, honest, independent, grass-roots non-party (independent), non-politicians who want to save this fine country from financial and political ruin.
This can only happen if the silent majority will just get off their sofas and go to the polls and speak their minds. Every vote counts.__RGR
