Will America deal with its spending problem? Or will our government officials stop denying the obvious and implement the proper but unpopular measures to salvage the future of our children?
This current administration has accumulated more debt then all previous administrations combined and no one seems concerned. Our government is currently accumulating an additional 1 trillion dollars of debt each year.
Spending Problem ? The ruling party snubs it's nose at the rest of us and has the audacity to proclaim that Washington doesn't have a spending problem. Nancy Pelosi, former Speaker of the House, has actually claimed that to say so is totally absurd.
Unfortunately there is no one in Washington who is able or willing to hold anyone accountable to this issue. This generation of politicians has learned that money will never be in scarcity since they have the power to print more whenever they like.
This flaw in our governing system was of grave concern to the founding fathers and unfortunately there concern has been justified.
Another element of the argument presented by liberals is that the rich don't pay their fair share. Many financial experts have already proven that if every millionaire and billionaire had their income taxed at the rate of 100% our government would only have enough money to operate for 3 months.
It's safe to say that any honest citizen would admit that we indeed have a spending problem. It's time for us to speak up and voice our objection to this whole mess.
History has proven that the more government spends as a result of acquiring debt the slower the rate of economic growth. More debt requires more revenue in the form of taxes which obviously must come from citizens and businesses which results in deteriorating personal wealth and business growth.
If businesses and individuals had a spending problem resembling that of our government there comes a point when the amount of cash flow needed to make the debt payments becomes insurmountable and default becomes imminent.
Our financial condition has always been a source or power and influence as we've dealt with other nations. We are now entering an age where we can no longer wield the influence we're accustomed to and face international situations from a position of weakness. Nations not necessarily interested in our welfare are becoming bolder and are beginning to challenge us in areas previously considered strongholds.
Americas enemies can see this obvious weakness. "How long can a government with a $16 trillion foreign debt remain a world power? Iranian President Mahmoud Ahmadinejad asked this past October 2012.
Our weakening financial condition will impact our security and thus our future. This next decade will possibly see a much different America then the world is accustomed to. For many nations this will not be good news. America will need to address it's spending problem or face the likelihood that we will become a nation dependent on hostile nations.
Admiral Mike Mullen, former chairman of the U.S. Joint Chiefs of Staff has recently stated that he believes that the biggest danger to America today is our debt. "From a national security perspective, it is the brutal combination of the passage of time and no solution in sight that so intensifies the crises and threat". He went on the say that our debt will leave us defenseless.
According to the U.S. Commerce Department, the economy shrank during the last quarter of 2012. This hasn't happened since the official end of the recession in 2009. It seems obvious that Washington doesn't have the stomach to simultaneously raise taxes while cutting trillions and risk an even worse contraction to the economy. They just don't have the will to balance the budget.
Our government now owes over $17 trillion. To make matters worse this doesn't factor in the trillions owed to Medicaid, Medicare, and the Social Security benefits that politicians have promised voters. Add it all up and we've accumulated $100 trillion. Still think we don't have a spending problem?
Before he can do that he would have to assume leadership, something he has been careful to avoid when it comes to controversial and difficult matters. In 2006, Senator Obama criticized Republicans for raising the ceiling by $3.5 trillion over 5 years. "The fact that we are here today to debate raising America's debt limit is a sign of of leadership failure".
"America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit." Now that he's been elected as our President he has had a complete change of mind. It appears that he has no problem with debt as long as it's used to fund liberal social programs that will insure votes for the Democratic party.
At one point, President Obama met with then Republican House leader John Boehner to negotiate the debt ceiling and stated to everyone's amazement,"We don't have a spending problem".
It's been common practice for the government to take on debt to help fuel and stimulate the economy. During the 1980's it took $4 of new debt to generate $1 of real economic growth. Over the last decade, it increased to $10. Today it requires $20 to produce the same result.
This past December the Fed announced that it has plans for another emergency program to stimulate the economy. It will create $45 billion per month to buy U.S. Treasury bonds. This is in addition to the $40 billion per month it was already creating out of thin air to buy mortgages to artificially prop up the housing market. This will create over $1 trillion this year. The Fed has said it will continue to do this each year until there is recovery.
Ladies and gentlemen, here's a news flash, the American government has a spending problem! It's time for us to stand up and put an end to this by demanding reform in Washington and holding our elected officials accountable no matter how painful it may be. The patient, America, must be saved.
Rating 4.5 Stars - "Whilst we do not agree with everything that the book has to say, we agree the majority of the arguments and we find the context and perspective that it brings to these issues refreshing, well researched and well-written.
Unlike many of the writers in this space, the prose is not verbose, bombastic or shrill. This is a thoughtful and cogent treatment of the most important issue the World is facing today. You are in good company reading this book. Among those endorsing it are Pete Petersen, Warren Buffett, David Walker, Paul O'Neill, Jim Rogers and others. We recommend that all elected officials and concerned citizens everywhere consider this book required reading."
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