Both political parties are selling out the American people, and many Americans are quite happy with that. The budget deal included some tax increases, but those are not as much of a concern as a refusal to cut spending. The same massive deficit spending characteristic of the Bush 2 administration and accelerated beyond anything the country has seen under Mr. Obama will sink the children and grandchildren of Americans. The Republican Party does not have the courage to support massive spending cuts because they are more concerned with staying in power than doing the right thing.
Their fear may be justified. Americans showed that they would support someone who kept bringing in the “benefit” dollars–it is the typical attitude of most (and I mean to say “most”) contemporary Americans: “What’s in it for me?” As if that attitude is not bad enough, most Americans have the view that “I want from the government what helps me and to hell with my children and grandchildren.” Massive deficit spending cannot be sustained long-term–that is basic economics which anyone but an academic can understand. The problem is not as much political ideology as it is old fashioned selfishness. As Americans retreat into their individual worlds, the fate of their children (if they have them) becomes immaterial to their own lust for “free stuff.” Of course there is no “free stuff” that the government gives the people–that money comes from taxes. The United States sells treasury bonds to China and Japan (its main customers) which are only as good as long as the United States can pay up. So far it has, and billions of taxpayer dollars have paid the interest in the national debt. Printing more money to pay off higher deficits will only lessen the dollar’s value.
Apocalyptic books are popular these days, as is speculation about apocalyptic scenarios in real life. Although I am not one of those who store barrels of grain in my house, I understand the concern. Congress and the president will not stop massive federal spending, and when the day of reckoning comes (through China calling us on our debt, a massive loss of value of the dollar, or some other deficit-related catastrophe), it will not be pretty. The 2007 recession (which continues today despite what the mainstream media with its Obama-worship says) will look like child’s play. Now ideological liberals may think that’s a good thing since income distribution will be leveled out. To a liberal ideologue, it would not matter if the United States becomes a third world country. I do not believe most people in Congress want that, but their refusal to discipline themselves is going to damn the country to economic disaster. No money can be spent without the House of Representative’s approval. People in the House need to take their fiduciary responsibility to be good stewards seriously. Conservatives need to vote people into Congress who mean it when they call for federal spending cuts. Those in Congress who refuse to accept fiscal responsibility should be voted out.
I am doubtful that will happen–it seems that most Americans’ characters have been corrupted regarding fiscal responsibility by their own greed and selfishness, by their wanting something for nothing. The American people are being sold out, and only a few voices “crying in the wilderness” speak against the sellout. Ultimately, republics tend to disintegrate by their own hands. The hands of most Americans are wrapped around the fiscal throat of the United States, and they refuse to let go. Sadly, amputation via economic collapse may be the only way to teach them hard lessons about economic reality.
- Ron Paul Statement on Fiscal Cliff (economicpolicyjournal.com)