Senator Paul said, “If we’re not careful, we’re going to spend this country into oblivion.”
“We’re rapidly approaching a milestone in our country, and it’s not a good one: $30 trillion in debt,” Paul noted in a fiery House speech yesterday.
Transcript via FEE
“People are saying we’re going to give you free college, free cars, free cell phones, free this, free that,” Paul said. “Everything in life will be free, you won’t have to work anymore. The problem is there are ramifications. Money doesn’t grow on trees… money’s got to come from somewhere.”
“Either we borrow it… we tax people for it, or we simply print the money,” he continued. “When the Federal Reserve prints the money, as we increase the money supply, the money we already have becomes worth less and less. It loses its purchasing power. This is the insidious tax of inflation. Inflation is a regressive tax… it affects the working class, lower-income people, and those on fixed incomes, much worse.”
“Right now we’re facing 5 percent inflation, because of the massive borrowing that really both parties instituted in the last year,” he said. “They decided that the result of the pandemic would be to close everything down, destroy the economy, and give everyone free money. It’s primarily been Democrats this year… but both parties have a certain responsibility for this.”
“As government gets larger and larger, people think they’re getting free stuff,” he continued. “But it’s not really free. This is the allure of socialism… it’s a false allure… socialism doesn’t work. It is this alarming tendency to want to offer everybody everything and say it’s going to be free. Many of these things backfire.”
The vast entitlement programs composing our welfare state are what’s driving us off a fiscal cliff.
“Medicare, Medicaid, Social Security, food stamps, other welfare, military… if you look at all that on an annual basis, before you get to the extraordinary binge of the last two years, we were already $1 trillion short every year,” Paul explained. “So last year we added a couple trillion more… and our deficit for one year was $3 trillion. We’ve never borrowed that much. There are going to be ramifications. You’re already seeing some of the ramifications; prices in the grocery store going up, prices at the pump go up, prices going up faster than wages.”
Despite all these warning signs, many of Paul’s colleagues in Congress are pushing $4.5 trillion more in spending on top of it all.
— The Hill (@thehill) October 10, 2021
The Coming Collapse If We Don’t Reverse Course
While the Federal Reserve prints money, devaluing our currency, inflation is soaring. Prices are rising and while salaries allegedly are going up, inflation outpaces them. It’s not sustainable. In other words, the salary raises don’t exist and the middle class is getting crushed. The government is creating an image of a stable economy by playing around with quantitative easing — printing money.
People are leaving their jobs and dropping out of the workforce entirely — 4.3 million left the workforce last month. The predictions for the GDP went from 6% to 1.5%.
Extremist Janet Yellin claims Inflation is transitory. It’s not and it’s putting people into poverty. The Biden administration will continue to spend rapidly and accelerate the damage. In 2020, Biden spent $9 trillion and at the end of August, Biden spent more than all of 2018 and 2019 combined. He’s not spending it on COVID. He’s spending it on making us socialists and putting more people on the dole.
It’s frightening in that this administration is incompetent beyond all imaging or they are doing it deliberately to begin anew with a great reset.
Watch this quick clip:
PSAKI: "The President wants to make fundamental change in our economy and he feels coming out of the Pandemic is exactly the time to do that."
THEY JUST SAID THE QUIET PART OUT LOUD. pic.twitter.com/321PpAPIp0
— Benny (@bennyjohnson) October 12, 2021