$$$| The Deficits |
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02/05/09 |
                 
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USA FraudIn my opinion the George W. Bush Administration has committed a Crime (Major fraud against the US). See the summary and explanations below after excel numbers. For the first 8 months of the George Bush administration, before the tax cuts were enacted on June 1st 2001, the Federal deficit actually had a surplus of 21 Billion dollars or in other words the Federal Debt was going down instead of being increased. If you take the total year of the Bill Clinton administration and these first 8 months of the George Bush administration, for a total of 20 months (12+8), the total added to the Federal Debt was less then 1 Billion dollars. From June 1st 2001 to before the Iraq War declaration on March 19 2003, a period of 21.65 months, the Federal Debt increased by 790 Billion dollars for a yearly average of 438 Billion dollars. For the 5 year period of the Iraq War, March 19 2003 to March 19 2008, the yearly Debt increased by 585 Billion dollars. The George Bush administration increased the Federal Debt by 3700 Billion dollars. The George Bush administration didn’t increase the Federal Debt because of increased spending but because of the tax cuts that were aim at a special interest group, the wealthy. According to George Bush the Iraq War cost about 500 Billion dollars to date or the 5 year period which would mean the tax cuts cost 3200 Billion dollars. The independent CBO estimates the Iraq War cost at about 600 Billion dollars. My estimate by using the yearly averages is about 738 Billion dollars. Independent economist estimates it at about 845 Billion up to September 2008 (5 years + 6 months). What it means is that the taxes cut cost are still 3000 Billion. Basically adding 3000 Billion to the Debt and giving 3000 Billion in profit to a special interest group, the wealthy. The Debt and the burden of the Debt is passed on to the US general population that includes the middle class and it is their tax paying money that is wasted to pay the interests or servicing of this Debt. The wasted money to service this Debt is about 400 Billion dollar of tax payer’s money yearly and this is during a period of time that the interest rates are relatively low. An economic policy or theory that would make no sense, for example, would be to give the middle class huge tax cuts or have them pay no taxes at all. This would result in the middle class, the real economic engine, having much more money to spend and buy cars, homes, appliances, and services for example. The GDP would be very high. The reality is that the deficits that would result would cause the collapse of the economy. This is very similar to what the George Bush administration has done except in his case the special interest group was the wealthy, a powerful interest group that has influence on politics, the media, the economy, and the legal system.
President George Bush has added 3700 Billion dollars to the US Federal debt. His estimate of the war cost is about 500 Billion so that would make the cost of the tax cut about 3200 Billion dollars. Other independent calculations including mine (see excel sheet) calculate the Iraq war cost at about 600-845 Billion dollars. From the period of time (20 months) of the Bill Clinton Administration to the George Bush Administration tax cut, (11/2/1999 – 6/1/2001), the deficit was balanced and less than (1 Billion dollars) was added to the Federal debt for this whole period of time. For the equivalent period of time (21.65 months) from the George Bush tax cut date(6/1/2001) to the date(3/19/2003) the Iraq war was declared (790 Billion) were added to the Federal debt during this period of time. (Bill Clinton Administration 20 months: less than 1 Billion dollars.) (George Bush Administration before Iraq war 21.7 months: 790 Billion dollars.) For their last year in office the Clinton administration added about 12-23 Billion to the Federal debt and for the first 8 months, before the tax cut date, the federal deficit was actually down by 21 Billion. The Clinton Administrations claim that the federal budget was balanced before they left office is true. The George Bush Administration added about 3000 Billion dollars to the Federal debt and gave the wealthy, a special interest group, the approximate 3000 Billion equivalent through tax cuts. 3000 Billion Added to the debt and 3000 Billion given to the wealthy. With the exception of the war, the tax cut is what caused the deficit and debt to increase greatly by 3700 Billion dollars and not increased deficit spending. (see the excel sheet for more details and calculations) Complaint of a Crime committed against the United States and the People of the United States 1031. Major fraud against the United States (a) Whoever knowingly executes, or attempts to execute, any scheme or artifice with the intent— (1) to defraud the United States; or (2) to obtain money or property by means of false or fraudulent pretenses, representations, or promises, [Fraud—the art of deliberate deception for unlawful gain—is as old as history; the term "white-collar crime" was reportedly coined in 1939 by Professor Edwin Sutherland and has since become synonymous with the full range of frauds committed by business and government professionals.] The Complaint: President Bush and his Administration have committed fraud against the United States and the people of the United States. Explanation: The tax cuts that the President enacted on June 1, 2001 were mainly aimed at and for a special interest group, the Wealthy. The wealthy have power and influence on politics, the media, the economy, and the legal system. The profit, wealth and treasure, that this special interest group received increases their power and influence. The deficit that it created is directly linked to the profit value that this special interest group obtained by this tax cut. The approximate value that this special interest group obtained from this fraud is about $3000 Billion dollars. The tax cut resulted in the added profit for this special interest group and has the opposite effect on the United States and the People of the United States. The fraudulent pretences, representations, or promises is that the President George Bush and his administration claim that the profit, wealth and treasure, this special interest group obtains through the tax cut will be reinvested into the US economy. This is not based on economic reality or fact. There are no measures that this special interest group will reinvest they’re acquired profit due to the tax cut or that it will be reinvested into the US economy instead of a foreign economy. The President’s professional economic advisors are also aware of this economic reality and fact. Notes: The deficits that he created and added to the US Debt were created, with the exception of the Iraq war, by the tax cut and not by increased deficit spending. (see the excel sheet for details) The current US economic crisis and the probable US economic collapse were caused by this tax cut and the created deficits and added debt. The US currency fell because of speculation caused by the created deficits and adding to the debt. President George Bush almost doubled the debt in his 2 terms in office. Foreign goods such as oil became more expensive and this resulted in higher costs (inflation). The added economic pressures on the United States people had a divesting result. What resulted were mortgage foreclosures. The financial institutions had already been accumulating losses due to the Federal pushing down interest rates. The Bears financial institute was rescued from collapse and its collapse would most likely have caused the collapse of other financial institutions. The Federal Reserve is now being used and this hasn’t been done since the great depression. The interest rates are as low as they can be and it is a fact that they will eventually rise which will result in the probable collapse of the US economy. Delaying action continues this fraud and before the President leaves office he will add approximately another $150 Billion to the debt and this $150 Billion is directly linked to this special interest group’s profit. Delays may cause the crime to be greater with the probable collapse of the US economy. The United States has been greatly weakened and with the probable economic collapse this will make it even more vulnerable and weakened. The US Federal reserve is now being used and this has placed the United States at greater risk. In spite of the current economic crisis, situation, and reality the President George Bush continues to maintain that the tax cut needs to be made permanent and is referring to the crisis as a rough patch on the road. The President will continue to maintain that the tax cut need to be made permanent until his term is over possibly because he may believe that to do otherwise would further incriminate him. His economic policy is not based on economic reality or fact. The economic stimulus plan that the President George Bush has come up with is purely for political purposes and will most likely have no significant impact on the crisis and will not prevent the probable economic collapse. The Bush family is also part of this special interest group. Solutions: There are possible solutions to reversing the current crisis or preventing the probable economic collapse. The President George Bush maybe unaware of all of them or is possibly unwilling to use some of them. |
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This site was last updated 02/05/09