THE AMERICAN DREAM IS BANKRUPT (due to losses from imbalance of trade and cooking the books)

The American Dream is bankrupt due to the imbalance of trade (losses) with China, India, South Korea, Mexico, and all 30 countries to the tune of $1 trillion per year.  Accumulating $31 trillion of current liabilities another $150 trillion in long term liabilities, by cooking the books for the Federal and State governments' accounting and budgetary cash basis procedures.  According to the www.usdebtclock.org there are $158 trillion unrecorded obligations for the Federal and State governments due to cooking the books. State and Federal government have not recorded according to generally accepted accounting principles all the debt and understated the annual deficits.   This is done by recording borrowing and printing currency by the Treasury receipts as revenues to be used to pay expenditures so it looks like they have a balanced budget.  This is fraud in the corporate and taxpayer world but has been acceptable in the elite governance world. Quoted from the California Business Practices, "How Do California’s Accounting Practices Stack-Up Nationally?" DECEMBER 12, 2012, BY  ALEXANDRA  BJERG Accounting procedures across the 50 states should be more transparent, according to a study recently published by The States Project, a joint venture of Harvard University’s Institute of Politics, the University of Pennsylvania’s Fels School of Government, and the American Education Foundation. The report says, among other things, that “states do not account to citizens in ways that are transparent, timely or accessible.” For example, “covering deficits by borrowing money, and counting it as revenue for cash purposes, and not showing it as a liability is one type of creative accounting practice favored by California budget makers,” said Fred Silva, California Forward’s Senior Fiscal Policy Advisor. At the close of the 2012-13 budget, the budget related unrecorded obligations, will approach $28 billion. “These accounting practices have masked the state’s long term budgetary imbalance,” said Silva. By providing timely, reliable, and transparent financial reports that account for borrowed resources as liabilities, legislators and governors will enter the budget decision-making process with a more informed, and accurate understanding of the state’s fiscal situation, and the public will be better able to hold them accountable. Cash accounting recognizes revenues or expenses only once they have been received, or paid, which is most helpful when calculating short-term borrowing needs. By contrast, accrual accounting records revenue, and expenditures at the time they are earned or incurred, revealing a clearer, and longer-term view of budget surpluses, and deficits. Combining both current, and future costs create a more reliable picture of a state’s financial situation while more accurately reflecting the future consequences of policy decisions made today. The authors urge states to move toward GAAP, accrual accounting, as California has done, as it makes obscuring deficit spending more difficult by better reflecting future obligations faced by states. Although most states are required to pass a balanced budget, and not permitted to run a deficit, the aforementioned procedures have facilitated the development of a number of budget gimmicks used by governors and legislators to “close” budget gaps. Side bar: quoted from the author Jerry L. Rhoads' Volume I: The Swing Vote to Drain the Swamp and Reign in Big Brother and the Brotherhood, podcaster, and author of the American Enterprise Party Trilogy: "As a CPA consultant to the State of Illinois headed up a project to convert the state to the accrual basis of accounting in 1977, However, after the presentation by Mr. Rhoads the governor decided that he wanted nothing to do with GAAP. When he realized the ramifications of reporting the State’s finances, he shelved the project.