I Hope Senator Brown Can Help Save Us from this Fiscal Nightmare
I want to congratulate Senator-elect Brown on his amazing victory in Massachusetts. His victory means that the Democrats no longer have a 60-40 super-majority in the Senate. Hopefully he will stop the current fiscal nightmare from continuing. I read an interesting article recently by Michael Snyder from http://themostimportantnews.com/ and http://thetruthwins.com/. Our national debt is slowly killing us. Look at a few of these scary facts:
37 million Americans now receive food stamps, and the program is expanding at a pace of about 20,000 people a day. The United States of America is very quickly becoming a socialist welfare state.
The U.S. has allowed the total federal debt to balloon by 50% since 2006 to $12.3 trillion. The chart below is a bit outdated, but it does show the reckless expansion of U.S. government debt over the past several decades. To get an idea of where we are now, just add at least 3 trillion dollars on to the top of the chart….
So has the U.S. government learned anything from these mistakes? No. In fact, Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $2 trillion to pay its bills, a record increase that would allow the U.S. national debt to reach approximately $14.3 trillion.
So where will the U.S. government get the money? From the Federal Reserve of course. The Federal Reserve bought approximately 80 percent of all U.S. Treasury securities issued in 2009. In other words, the U.S. government is now being financed by a massive Ponzi scheme.
We can’t continue spending like drunken sailors forever. The fact that the Federal Reserve is buying most of the debt we are selling is a little ridiculous. Bernie Madoff was sent to jail for the rest of his life for doing what our government is doing. The Federal Reserve buying our treasuries and Social Security are bigger than any Ponzi scheme Madoff ran.
Let congress know with your vote this fall that you don’t approve.