Received this in an email it is something that is a serious issue and something that seems as if Washington just cannot figure out how to deal with it.
When will we learn from history, back in the days of Jimmy Carter, disastrous, (allegedly) presidency there were many things that happened, but never like this, what will happen next, with natural disasters looming on the horizon and thousands of acres of farm land laying in ruin…
On May 16, 2011, the statutory national debt ceiling of $14.294 trillion ($14,294,000,000,000.00) was reached, igniting a political firestorm over whether to raise the limit and allow the federal government to bury itself in trillions more in debt. Obama’s Treasury Secretary Timothy Geithner warns of doomsday if we don’t allow more borrowing, suggesting the United States “could” default on its obligations for the first time in history and create a global economic collapse.
Secretary Geithner has put in place “emergency measures” to prevent the government from defaulting on bond interest obligations that he says will get us through early August. Most political analysts expect that Congress will raise the limit prior to default and the bill will quickly be signed by the President who will declare it a “good day for America”. Of course, he’ll ignore how this enormous debt mortgages the financial future of our children and grandchildren.
When President George W. Bush was elected in 2000, the National Debt stood at $5.727 trillion dollars. During Bush’s eight years in office, that debt grew by $4 trillion. In less than three years of the Obama presidency, the US has added yet another $4 trillion in debt, much of which is owed to China, Japan, Saudi Arabia, and many European countries. Borrowed money has paid for three failed bailouts of Wall Street investors, the takeover of our auto industry, and even more out-of-control spending.
Under current budget projections, Federal government spending will increase the debt level to an astounding $16.5 trillion ($16,500,000,000,000.00) by the end of next year. Most Americans understand that spending more than one takes in results in financial disaster on a personal level. Only the government’s ability to print money and influence interest rates allows it to forestall similar disaster on the national level, but only for a limited time.
Anyone who has filled a car with gas or purchased groceries recently has felt the creeping inflation resulting from our devalued dollar, “quantitative easing,” and other failed Federal policies. Politicians and the Main Stream Media proudly declare that inflation is in check; but there is something they are not telling us. To make the numbers look better than reality, the Consumer Price Index (CPI) is manipulated by minimizing changes from food and fuel, allowing our leaders to hide the truth that inflation is here and growing at an alarming pace. If our government continues with its irresponsible spending and economic policies, we may ultimately see hyperinflation that dwarfs the inflation problems of the failed Carter presidency.
Despite our massive debt, I am not naïve enough to think that Congress will refuse to raise the debt ceiling. However, we must pressure our elected officials to use this as leverage to pass significant, lasting spending cuts as a condition of increasing the debt. We must stand with those leaders courageous enough to tell the truth to the American people knowing they will be demonized in the main stream press. Stand with us to support Senator Rand Paul (R-KY), Rep. Michele Bachmann (R-MN), Rep. Allen West (R-FL), Rep Ron Paul (R-TX) and a short list of other members of Congress with the guts to tell it like it is. It is our children’s future that is the real victim of reckless government spending.
Chairman, Western Representation PAC