Special Note to My Readers: This is a "soapbox" type of post. Today's topic deviates from my routine stories regarding life at my country cottage and traveling adventures. It is not cheerful subject matter, but I believe it is important to share my thoughts. Please feel free to skip this one if it is too controversial for you, and I welcome you to come back to visit with me later.
There are many governmental issues right now that concern and alarm me. What is my number one beef? This country is heading toward financial ruin. Our federal government, in particular, is spending at an alarming pace. It is printing record amounts of currency to increase the money supply. This “funny money” will result in high inflation in years to come. The U.S. financial path is not sustainable.
My personal breaking point on government irresponsibility was the enactment of the Emergency Economic Stabilization Act of 2008. This legislation was done in an attempt to remedy problems caused, in large part, by the government itself. The Act established the infamous TARP, the systematic government takeover program of financial institutions. And the massive spending spree of our tax dollars and increased regulatory controls has only gotten worse since last fall.
The fiscal madness has got to stop. And I don’t care how many rude and crude names elected officials call citizens like me when we voice our concerns. Such childish bullying of the people they serve doesn’t make their fiscal irresponsibility disappear.
- Americans had to work until August 12 this year to pay for federal, state, and local governments (including regulatory costs). Last year’s date was July 16.
- Government will consume 61.34% of national income this year. The largest component is 30.36% handed over to the federal government. You work more for the government than for yourself and your families.
- At the time that I publish this post, the U.S. national debt is $11.804 trillion.
- Each citizen’s share (man, woman, and child) of the U.S. national debt is currently $38,395.
- Calendar year-to-date federal spending $2.767 trillion. Corresponding revenue is $1.456 trillion. The difference between these two figures is a deficit of $1.311 trillion. That means the federal government is borrowing 47% of this year’s spending.
- U.S. debt held by foreign countries is $3.485 trillion.
- Unfunded federal government liabilities total an astounding $59.041 trillion. The liability for every citizen (man, woman, and child) is $192,050.
Despite this dire financial picture, our elected officials are on a fast-track course to create even more federal programs, bureaucracies, debt, and liabilities. They are also creating mountains of legislation and regulations, resulting in larger economic burdens that are passed on to citizens and consumers. The shackles of our personal slavery to government will become even tighter. Meanwhile, elected officials are publicly ridiculing their constituents and dismissing their concerns. Who, precisely, is supposed to be serving who? They also engage in mock partisan bickering, play the blame game, and pit citizens against citizens. Worst of all, they deride the free-market system and declare profits as evil. Excuse me? Capitalism is the true engine of economic prosperity, not government. Our government is biting the hand that feeds it.
This path will continue until the American people stand up, speak up, and clean house. We don’t need foreign terrorists to destroy the United States of America that we know and love. We are allowing our government to do it instead.
(Data Sources: Center for Fiscal Accountability; Cost of Government Day, Year 2009; U.S. Debt Clock)