January 24, 2012 at 7:08 pm
We are spending almost twice as much money as we collect in taxes.
There is no “trust fund” held in reserve for Social Security, only Treasury bonds, promises by the US Government to pay these commitments eventually.
The Federal Reserve ‘banks’ are currently purchasing much of the US debt using ‘currency’ created out of nothing.
Fact: The total Federal debt now exceeds the total GNP, which includes Federal, State and local government expenditures. When you include only private expenditures, the Federal debt is about TWICE the real GNP.
Fact: The funded debt is only a small portion of the total obligation of the Federal government, totaling somewhere between $90 trillion dollars and over $200 trillion dollars.
Fact: The only reason that this Ponzi scheme has not collapsed yet is because virtually every other economy is in worse shape, and most people around the world are fleeing to dollars instead of euros or some other fiat currency.
Fact: We will either make the needed changes to keep government expenditures and the resultant hidden taxation of inflation under control, making the painful adjustments required to keep our spending well below our expenditures, or we will continue to tax and destroy the lower and middle classes by deficit spending and creation of fiat currency by a private banking cartel. If we choose continued deficit spending, eventually the destruction of the economic fabric of this nation will be so severe that it will collapse, destroying most of what remains. A or B. Those are the ONLY choices that matter.
It is all very well to prate about promises made, but the facts are that we cannot afford to honor all of those promises. All the wishing in the world cannot change those facts. Moreover, a Constitution that permits the sort of vicious corporatist looting that has been going on in the last few decades is no protection for the people of this country; the veil of the myth of the rule of law will not conceal the savagery of the reality we are currently suffering for much longer, nor the worse things that are coming.
We must return to real economic growth, created by free market trading, with minimal government which truly protects individual rights. If we don’t, we are doomed.
Whatever else we as a nation decide to do, we MUST come to grips with the unappetizing economic reality we face. If we do not, we will not long survive as a civilized nation."
That is why I will be voting for Ron Paul this fall; regardless of his other positions, he is the only candidate who openly acknowledges the economic realities we face. We cannot honor the commitments we have made. We will either default overtly, by repudiating things such as AFDC, Social Security, and other social welfare programs, as well as trying to be the world's policeman, or covertly, through deficit spending and the resulting hidden tax of inflation.
If we don't do something RIGHT NOW to stop this train, we WILL run this nation over the cliff. It may already be too late to stop an overt default on US debt, but we may, may, be able to stop the coming economic collapse.
Yours in Liberty,