NO MORE RED INK
'Paying the 1st dollar on the principal ... would mean that a tectonic shift in attitude had occurred'
You were wise to be scared by last week's stock market "wobble."
This graph illustrates our impending, predictable economic disaster, our about-to-explode Debt Bomb (read that book description). It's taken from this excellent article: "Cowards in Congress blame others for our national debt. Just fix it, already."
Notice how the yearly budget deficit (orange) doesn't look so bad until you see the years of deficits piling up as total debt (red).
See our $35 TRILLION debt exploding on this National Debt Clock as it plunges us toward a preventable economic and societal cataclysm like a "cartoon snowball" gathering size and speed.
It was a mere $10 trillion in 2008, and $20 trillion as recently as 2017, 68% and 104% of GDP, respectively (GDP = Gross Domestic Product, the value of America's entire yearly economy; debt-to-GDP ratio explained here).
It's taken just seven years to go from $20 trillion to today's scary $35 trillion, a 57% increase and an amount that's 122.8% of GDP (currently $28.5 trillion). Our 2028 debt nightmare is estimated to be $46.7 trillion. That'll be a millstone on the U.S. economy at 147% of an estimated $31.6 trillion GDP!
This national debt crisis is a massive crime against our people because it causes an illegal "inflation tax" and "taxation without representation" on generations yet-to-be-conceived.
Anyone who downplays this danger is a deceiver.
The next civil rights movement
Taking a stand on this issue will rank with the abolition movement leading to the end of slavery and passing/enforcing civil rights legislation. Whoever starts this much-needed conversation will make headlines and create a history-making political movement.
It's our "debt abolition movement"!
But how will paying the FIRST DOLLAR of principal ever happen when there is so little support for or interest in this issue? "We the People of the United States" are ignorant or in favor of this massive ticking Debt Bomb – or it wouldn't be happening! Most in public office aren't even lying about it except by omission.
Read this excellent article by President Trump's former chief of staff, Mick Mulvaney:
"As a leading Republican senator once told President Trump: 'No one in this town has ever lost his job for spending too much. People have lost for spending too little.' Candidates for office talk about what people want them to talk about … and right now, voters don't care about spending."
Another high-ranking Republican remarked, "Nobody votes for Scrooge."
In other words, dear reader, we are to blame.
The numbers in historical and global context
The table on this page shows the national debt within 1 percentage point or having exceeded GDP since 2012.
The last time the U.S. had a balanced budget was during the Gingrich/Clinton era (1998-2001).
The last time the debt was actually reduced was 1956-57 (previous link).
Recent deficit spending has been massive, increasing the national debt by $9.5 TRILLION:
- 2020, $3.132 TRILLION;
- 2021, $2.772 TRILLION;
- 2022, $1.4 TRILLION;
- 2023, $2.2 TRILLION;
- 2024 projection, $1.9 TRILLION.
Our lopsided debt-to-GDP ratio will depress the economy, cause a severe recession or depression, and likely trigger a devastating worldwide depression because the rest of the world depends on America and has as bad or worse debt-to-GDP problems. Leading in the wrong direction, America is No. 1 for total debt.
But it gets worse …
Consider this "debt synergism":
- Our current $35 trillion national debt compounding with
- state and local government debt, totaling $3.7 trillion (top-right, red), and, frightfully, with
- the federal unfunded pension and entitlement liabilities estimated to be $218 trillion (lower-right corner).
Not counting No. 4, the total of all public debt is $38.7 trillion (No. 1 + 2) when our GDP is only $28 trillion. That's a 138% overall debt-to-GDP ratio, which is how America's debt debacle should be calculated.
Really scary is the $315 trillion global debt and 333% debt-to-GDP ratio. Don't look at this terrifying world debt clock.
'Unconstitutional' is how we got here
The Constitution doesn't authorize the opposite of the preamble's stated goals: "… to establish Justice, [and] insure domestic Tranquility. …" But across-the-board injustice and domestic disorder are exactly the predictable effects of massive deficit spending and the resultant inflation crime against humanity.
As in other cases, the Supreme Court invented something not in the Constitution, a power to "create money." Described as "evil" by Justice Stephen Johnson Field (below), it's an unchecked power, easily abused, resulting in massive injustice.
Like medieval alchemists, the federal "sorcerers" turn a negative, debt, into "money," a positive, albeit a counterfeit positive. Read at least the description (and click, "look inside") of money by Steve Forbes before reading this Federal Reserve hocus-pocus explanation.
This quotation is the concluding paragraph of Justice Field's lone dissenting opinion (8-1) in the last decision to uphold the 1871 Legal Tender cases, authorizing paper money. Prophetic about today's crisis, it's a great education about the nature of money and why the Constitution prohibits fiat currency, aka government-issued "blarney notes." Justice Field exposes the faux federal money-creating "power," that it's unconstitutional because it's as absurd as it is unjust:
"From the decision of the court I see only evil likely to follow. There have been times within the memory of all of us when the legal tender notes of the United States were not exchangeable for more than one-half of their nominal value [during the Civil War]. The possibility of such depreciation will always attend paper money. This inborn infirmity no mere legislative declaration can cure. If Congress has the power to make the notes a legal tender and to pass as money or its equivalent, why should not a sufficient amount be issued to pay the bonds of the United States as they mature? Why pay interest on the millions of dollars of bonds now due, when Congress can in one day make the money to pay the principal? And why should there be any restraint upon unlimited appropriations by the government for all imaginary schemes of public improvement, if the printing press can furnish the money that is needed for them?" [Bracketed comment added.]
– Justice Stephen J. Field, Juilliard v. Greenman (1884), 100 U.S. 421, 470.
Our plan
Debt's HUGE constituency dooms us – unless we start a political movement and unite behind the moral goal of paying the FIRST DOLLAR on the principal of the national debt! Are you with me?
Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@wndnewscenter.org.
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
No comments:
Post a Comment