RAND PAUL FLOOR SPEECH
“As we rapidly approach $30 trillion in debt, I fear that we are close to the point of no return. Make no mistake, we are racking up debt like we never have at any point of time in the history of our nation – in fact, we are accumulating debt at the rate of over $2 million per minute!
“Democrats in Congress continue to kick the can down the road, by ignoring the real problem of Washington’s spending addiction. They ignore the fact that over $54 billion was wasted last year on projects like studying lizards running on a treadmill, testing if hot tubbing can lower stress, and sending Russians to American community colleges for a “gap year”.
“We must address our country’s debt, not by continually raising the debt ceiling to appease liberal wish lists and wasteful projects, but by cutting spending and balancing our budget like every other American business, family, and local government.
“This reckless disregard for our debt is jeopardizing the security and well-being of our country’s future. I will continue to sound the alarm about wasteful spending and our debt crisis until hopefully – I won’t hold my breath on this – Washington wakes up to the profound repercussions of excessive spending, and the impending economic disaster that is to follow.”
WATCH FULL REMARKS
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The Importance of Prayer: How a Christian Gold Company Stands Out by Defending Americans’ Retirement
A GOOD EXPLANATION FROM A READER
Every time the Government spends a Penny for which it does not collect in taxes, it creates inflation which becomes a Hidden Tax. This is because Deficit Spending is not backed by Production. Production is what gives Fiat Currency value. Inflation makes everyone poorer but effectively becomes an inverse progressive tax hitting the elderly and working poor the hardest.
Inflation also chips away at the buying power of the Middle Class which stalls the economy. America needs a Balanced Budget Amendment and a 5% reduction in the Federal Government every year until TOTAL Federal Government Spending is 10% of GDP or less.
Today the Federal Government spends over 30% of GDP and more and more of that spending is deficit spending which is ramping up inflation to unsustainable levels. If the Government had to pay the same rate of interest as the average American spends on their credit cards, the Federal Government would be Bankrupt. It simply wouldn’t be able to serve a 12% annual Debt cost, i.e. a 3.6 Trillion dollar interest payment per year.
Right now the FED is playing games with Interest rates, but it can’t do this forever.
Our present stagflation problem is 100% Traitor Joe Policy created. As soon as he shut down Oil Production, we could no longer control energy costs. Energy Cost inflation is over 50% in just 9 months and if we have a bad winter, it will go over 100%. Energy cost slows the US Economy more than anything else causing price increases for everything.
The combination of an economic slowdown and increased cost due to shortages creates Stagflation.
What’s worse is it generally takes twice as much time to climb out of a Stagflation cycle as it took to get into it. This always happens in the US Economy when Energy Cost goes up.
The Climate Change Wackos think doing away with fossil fuels is a great idea, but the result will be a return to historical sources of energy, like candles and whale oil for light and logs or coal for heat which causes considerable more pollution.
Here in the Pine Belt, you already see people stocking up the woodpile for the Winter because Propane costs are through the roof. Taking out a tree or two on your ranch here costs almost nothing. In a Big Blue City, your only option is to freeze since no one has books to burn anymore.
The key to a prosperous America is small Government and minimal Regulation. Large Government will destroy the Middle Class and make the Poor dirt poor while at the same time making the rich filthy rich. We have seen this over the last 30 years, and have seen similar periods in our history every time Government Spending got out of control and rose above 10% of GDP. This is not rocket science. It used to be basic economics taught in Grammar School when we had Old Math based on solid, time-tested economic principles. The Capitalist System works much better when the Government is forced to expand the economy in order to spend more money.
ONE SCENARIO, 2021-2025
THE USA DEBT CLOCK
Visit USADebtClock.com to learn more!
SITES TO VISIT [H/T RO]
- Government Spending Open Data | USAspending
- Congressional Budget Office (cbo.gov)
- U.S. National Debt Clock: Real Time (usdebtclock.org)
- U.S. Department of Defense
- Office of Management and Budget | The White House
https://www.whitehouse.gov/omb/ - Debt to the Penny | U.S. Treasury Fiscal DataCensus.gov>Racial and Ethnic Diversity in the U.S.: 2010 Census and 2020 Census
- https://www.census.gov/
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