Spending the Economy into Oblivion

Ron Paul
Lew Rockwell.com
Tuesday, Oct 28, 2008

With news this week that Congress is poised to consider a new stimulus package, I am forced to again ask a question that seems silly in Washington: How will we pay for this?

While a few Members of Congress have raised the issue, it certainly was not the primary concern of the House Budget Committee when they interviewed Ben Bernanke on Monday. And, when they did direct this question to the Chairman of the Federal Reserve, his answer was the standard rhetoric about how Congress needed to make tough choices. Needless to say, not many specifics were discussed.

One of the most liberal members of the House, Barney Frank, has at least volunteered something of a suggestion: “We can let Iraq take care of itself.” This, of course, goes in the right direction, but hardly far enough.

We need to declare the facts and their obvious consequences. The deficit of the United States is now spiraling out of control, and the recent bailout package has only made it worse. Our crushing federal debt is one key reason behind our current economic turbulence.

(Article continues below)

As Congress begins to consider the third “stimulus package” of the year, we need to realize it is time to start setting priorities. Priority number one should be cutting spending in foreign countries. This does not simply mean Iraq, but everywhere.

The next stimulus package is likely to include money for infrastructure. While these investments are, constitutionally speaking, supposed to be made by state and local governments, it is not likely that Congress will suddenly begin to pay heed to the document we are all sworn to uphold. Still, we need to acknowledge the fact that the current Congress and Administration are rushing the nation toward bankruptcy.

This being the case, we could hope they would at least come to their senses regarding our debt and foreign spending sprees. Our nation’s foreign-held debt is at record highs and moving ever higher. Continuing to borrow money from Red China and others in order to pay “dues” to the United Nations and run “Plan Colombia” makes no sense at all.

Our whole carrot-and-stick approach to foreign policy makes no sense. The US government simultaneously gives money to Israel, and to Egypt. We send AIDS money to Africa while AIDS clinics in America shut down. “Millennium challenge” funding goes to countries which enact “market-based reforms” as we push our own country further and further into a centrally planned economy.

Economic recovery will only come through financial prudence, savings, and getting back to producing things of value again. But it seems to be a foregone conclusion that we are about to enact another government initiative to “stimulate the economy.” Instead, there should be some serious talk about cutting all of these foreign giveaway programs. But, alas and again, we should not hold our breath. Congress is still not close to being serious about ending its addiction to debt and spending, and is again faced with the deadly temptation to attempt to spend us out of a recession. We should not forget that in the 1930’s those types of efforts gave us the Great Depression.

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15 Responses to “Spending the Economy into Oblivion”

mythicshadow Says:
October 28th, 2008 at 6:42 am
worth giving it a look

http://www.youtube.com/watch?v=RUCdkBFUU6Y
"C" Says:
October 28th, 2008 at 7:29 am
…this once great nation has fallen from grace…and the world is falling also..
…next step is a “World Credit Card”..for every person on Earth…
the brain Says:
October 28th, 2008 at 8:11 am
This is the plan. freak you out and then enslave you. The real problem occured in 1913 under woodrow wilson. What is everyone crying about. Nothing is sudden. All planned and executed in the open. We are just fools.
Tom Delay Says:
October 28th, 2008 at 8:30 am
Abolish the federal reserve!

http://www.tomdelaybeats.com
Robin chase Says:
October 28th, 2008 at 8:34 am
My opinion that the G20 should identify and
prosecute the guilty before taking any reformatory actions. Clear out
the mud before the waters will run clear again!

“Rob Kirby, writing in LeMetropoleCafe on September 9, observed that
there are laws and stiff penalties against market collusion. The U.S.
antitrust laws impose fines of up to $10 million and jail terms of up
to 3 years for unfair practices that inhibit competition or monopolize
markets in restraint of trade. “I admire [Coxe's] candor,” said Kirby,
“but my take on this is that all the perpetrators should face a firing
squad, or worse, for treason.”8″

Link: http://www.webofdebt.com/articles/manipulation.php

THE NOT-SO-INVISIBLE HAND:
HOW THE PLUNGE PROTECTION TEAM
KILLED THE FREE MARKET

Ellen Brown, October 25th, 2008
http://www.webofdebt.com/articles/manipulation.php
global plantation serf Says:
October 28th, 2008 at 8:46 am
Think about handing all of this debt (with interest) to your children. They will resent this greatly especially given baby boomer numbers.

They will probably socialize everything given that is the easiest thing to do. Your health care would probably suffer as a result of health care rationing just from the numbers… HMO rates cannot continue to go up like this forever. The huge burden of taxes for all of this borrowing will make us all poorer.

My father worked and supported all of us. I can’t say the same. I don’t know how my son will manage to live and pay 50% taxes. Thanks Republicans and Democrats you crooks!
deathbyrevolt Says:
October 28th, 2008 at 9:01 am
I wonder if you can shoot the congressmen and woman, All members of the White House, and all employees in the special interest who are bribing them and blackmailiing them for high treason.
The Great Owl Says:
October 28th, 2008 at 9:16 am
Have no fear we’ll “pay” for all of this…with interest.
OldSchool Says:
October 28th, 2008 at 9:32 am
AntiPatriotism is loose and pillaging the true global citizens. It should be our duty to find and release the fires of justice into this beast. One person cannot do it. One small group cannot do it. But states, countries, and large populations can. It’s time to stop the ‘armchair general’ mindset, and let’s get busy folks. They won’t send you an invitation in the mail..
Debate is futile at this stage. We cannot talk ourselves out of this financial pandemic. Remember, action speaks louder than words.
Mr. X Says:
October 28th, 2008 at 10:45 am
Or Bush could just sell us all into indentured servitude to the King of Saudi Arabia. Problem solved.
SnowShine9 Says:
October 28th, 2008 at 12:10 pm
Hey…just print more money. No problem. But seriously, we’re in deep trouble. For your own well being store up food, first aid, guns and ammo. There’s some good sites where you can purchase survival food or be informed how to fix it yourself and what to get.
Mikey Says:
October 28th, 2008 at 1:10 pm
if you want the best 911 info ask your self this why wont alex have these guys on this show http://www.thepentacon.com

also check out http://www.donaldtrumphair.com i cant figure it out why i think bermas is butt hurt thats why
Mikey Says:
October 28th, 2008 at 1:11 pm
if you want the best 911 info ask your self this why wont alex have these guys on this show http://www.thepentacon.com

also check out http://www.donaldtrumphair.com i cant figure it out why i think bermas is butt hurt thats why b
Blue Collar Says:
October 28th, 2008 at 3:03 pm
It is time for a serious language shift:
We should be discussing BAIL not BAILOUTS.
This is not a SUBPRIME problem it’s an ORGANIZED CRIME problem.
Stop calling these charlatans experts. Have they ever predicted any major economic
or financial event accurately? Experts can see around corners, predict the outcome
of the big game; forecast the day, time, location and strength of a storm; experts
know exactly what is required to land an unmanned craft on Mars. Alan Greenspan was
advised by several legitimate, well qualified experts who argued with him the grave
risks of deregulating [decriminalizing] the financial markets. Greenspan wants us
to believe he did not know the difference between right and wrong. This is the
essence of his defence. At the time his policy of deregulating the banking industry
was being argued [not discussed], the argument was clearly about right versus
wrong and ethical vs. unethical. Greenspan’s mind was already made up, he had
already gotten his orders. Can you imagine how frustrating it was for the experts
who argued that to remove the levees [regulations] would surely invite a category
3+ storm [financial collapse] to strike the area causing a complete disaster. Well
when you ignore [gag] the real experts, what you get is 911, Iraq, Katrina, Ivan and
trillion dollar bailouts. So, those who do not listen to experts are now telling us:
we will win in Iraq, we will pay lower gas prices, the market has bottomed out, the
terrorists are on the run, the worst is over, the job market is seeing growth, no
one can know what will happen in the stock market. Oh really? The question now is
why do they keep all these experts on the payroll, anyway? As soon as their
predictions come true, you can’t shut them up from saying “I told you so.” Who
needs that kind of harassment around you’re when trying to destroy the world eighty
days.
Thought Terrorist Says:
February 27th, 2009 at 4:52 pm
lol @ neocon mikey