Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Ron Paul: Debt Burden Threatens American Families

Politics / US Politics Jan 03, 2012 - 01:20 AM GMT

By: Dr_Ron_Paul

Politics

Last week, as most Americans were celebrating the holidays with family and friends, the Obama Administration announced plans to seek yet another debt ceiling increase in the New Year. While some fiscal conservatives will try to block this increase, their efforts are designed to fail thanks to the procedure set up by the last debt ceiling negotiations. Congress would have to pass a joint resolution opposing the increase, which the president could simply veto. Thus, an additional $1.2 trillion on top of our already unsustainable debt is a foregone conclusion. Our Gross Domestic Product continues to contract and now stands at $14.5 trillion. The debt already far exceeds that and will soon hit the new ceiling of $16.39 trillion.


Everyone in DC acknowledges that the debt is unsustainable, yet few are willing to take serious steps toward addressing it. Politicians in Washington cannot face the fact that the blank checks must stop. Many think we can ignore the mounting debts and deficits and eventually the economy will magically turn around and grow its way out of the mess. If you really understand why the economy is foundering, you understand the burden cannot all be put on the backs of the American people while politicians stick their heads in the sand.

According to a USA Today analysis, there are currently over $61.6 trillion in unfunded future government liabilities, which amounts to $528,000 per American household. A huge part of these liabilities are Medicare, Medicaid and Social Security - promises made to make the American people feel secure in their futures. But how secure should the American people feel knowing that a default is becoming more mathematically unavoidable with every NEW program added, every bailout, every debt ceiling increase, every new war we rush into, and every round of quantitative easing from the Federal Reserve? The last thing politicians should be doing is adding to that $528,000 household burden, with either more spending or more taxes. This is unequivocally a problem of too much spending by a government far outside its Constitutional bounds.

It is especially a slap in the face to the American family when the Federal Reserve dilutes the dollars we work for in order to bail out profligate banks and governments in Europe. The already perilous state of our economy and our currency should not be further endangered in a futile attempt to save the Euro. The least the government can do is allow Americans a choice in how to actually secure their financial futures that doesn't depend on a sinking dollar and irresponsible government. My competing currency bill allows for that and I will continue to fight for economic freedom from foolish and selfish whims of the central bank.

It is nothing new for Washington to kick economic pain down the road. Optimistic politicians hope things will stay cobbled together just long enough to get through another election cycle, or that another administration will have to deal with the mess. The longer this cowardly attitude prevails, the bigger the problems become. Congress and the administration should exercise some good judgment, some political courage, and make the needed budgetary changes now. It would not be that difficult to do if Washington would simply work its way back to the Constitution instead of straying even further from it.

Dr. Ron Paul
Project Freedom

Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the "one exception to the Gang of 535" on Capitol Hill.

Dr. Ron Paul Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

g kaiser
03 Jan 12, 09:40
American debt, american soul, -CHANGE!!!

It is amazing that the American man in the street is so unconcerned about his personal freedom, that he will even consider more of the same.

For every new terrorist found, for every new little "threat" dreamed up, the first to suffer are the man in the street.

Background checks, queues at the airport, being doubted and treated like a criminal for every step on the way is the new normal. All on the pretenses of "fighting terrorism". Yet the terrorist is the American state apparatus and the victims are private people all over the world. Standing in line, being searched, stripped and stripped of any semblance of decency.

When have we had enough, and who gives them the authority to treat us like animals. Why can this happen, why is it allowed. Why?

Because the people who dream up these "security checks" are exempt themselves. They pay no taxes in many cases, they carry diplomatic passports, and quietly by-pass any "security" checks, they drive in "blue light" cavalcades and, in short, don't have to live by the rules we are being forced to abide by.

So, stop it.! Refuse to make it easy for the oppressors, make life as difficult for the elite as you can. Support honest politicians, stop any "special treatment", stop any exemptions let the elite suffer the way they make us suffer. Let them sweat in queues, strip search them, let them use a bicycle, when the traffic is jammed, let them pay taxes. Any new "security is good for you" law put on the table, let them be the first to taste it.

Only then will we get sensible laws. Say no to the elite, refuse to be shafted, rebel and insist on equality. Realize that they will not be able to box and pen you all. Stay together and stay sane. Say no to the elite.!!


Post Comment

Only logged in users are allowed to post comments. Register/ Log in