Speaker McCarthy made a political mistake when he spoke earlier today (6 February 2023) and supported ‘raising the debt ceiling’ but with reservations. Our current circumstances, however, suggest that would be a very bad move.
When a government has to borrow more to pay the interest on its debt it is clearly bankrupt, but for the largese of its creditors. No one who lends money to the US Government under those circumstances has a legitimate exeptection of being repaid. Repudiation of the debt may be the only choice of future generations and may be the necessary precondition for the restoration of the Republic.
We are told that the US government might ‘default’ on its public debt if the ‘ceiling’ is not raised. But what exactly is this limit on the Federal Treasury’s ability to borrow?
From the beginning of the Republic until relatively recently every issuance of Federal notes had to be authorized by a specific enactment by Congress. Every time the USA went deeper into debt Congress had to take responsibility. Thus, for generations the Federal debt remained relatively low.
Then in 1917 Congress decided to hide its Constitutional obligations regarding debt and substituted the ‘Debt Ceiling’ for actual Congressional oversight. [1] In that year the Debt was 5.7 billion dollars (when twenty dollars equaled an ounce of gold) [2]. Today the debt tops $31 trillion, a 5,438 percent increase.
What Speaker McCarthy does not address is the ‘Elephant in the Room’ which is that the US Government is not obligated to go further into debt. Doing so is a political choice.
The opposite choice is to use incoming revenues to pay the interest on the debt, and, for the sake of our grandchildren’s future, begin to pay it off. The Federal Goverment takes in at least $4.7 trillion [3] so it has plenty of money to meet its debt. What’s left over can be applied to other government expenses.
Why then does the Speaker want to raise the Debt Ceiling?
So Congress can spend even more money than it has, without taking political responsibility.
Big-Spender Biden has a new ally in Big Spender McCarthy. Both are, in effect, defrauding the public.
At a time when the savings and real incomes of the real people who contribute to the real national economy (that means private employees and small business people, including farmers and craftsmen) is falling and the special reserve status of the US fiat dollar is disappearing, prudent leaders would slash goverment spending, abolishing whole departments and agencies, especially those in charge of Making America Woke instead of Making America Great Again. We must abolish the 87,000 new armed IRS agents; we must defund the recently armed multiple Federal Agencies. They are a clear and present threat to the Republic.
Years ago Ron Paul suggested that, since ‘we owe it to ourselves’ the Federal Reserve’s share of the national debt could be written off. That step would reduce the debt by $6.2 trillion. [4] Clearly there is no reasonable need to raise the Debt Ceiling.
It is time that the Federal Government spent within our means.
If not now, the time will come when a new generation refuses to be bound by the fraudulent promises of a previous generation’s disengenuous politicians.
The clock is ticking…
[1] https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling
[2] https://www.thestreet.com/politics/national-debt-year-by-year-14876008
[3] https://www.thebalancemoney.com/current-u-s-federal-government-tax-revenue-3305762
[4] https://fred.stlouisfed.org/series/FDHBFRBN
Ralph Fucetola JD www.VitaminConsultancy.com
Source:
http://vitaminlawyerhealthfreedom.blogspot.com/2023/02/the-national-debt-limit-raising-it.html
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~ ”WATCHING THESE NUMBERS SPIN, LIKE A DRUNKEN SAILOR, SHOWS EVERY PATRIOTIC AMERICAN CITIZEN, WHO HAS A SOUND MIND, THAT AMERICA INC. IS BEING RUN BY A BUNCH OF CAREER CRIMINAL BITCHES, & BASTARDS, WHO ARE CHILDREN OF THE DEVIL” ~
~ ”BECAUSE THEY ARE NO SONS, OR DAUGHTERS OF ”THE GREAT I AM” ~
~ ”IT IS TIME, 4 BABYLON THE GREAT, 2 FALL = IN 1 HOUR, SUCH RICHES, HAVE COME 2 NOUGHT” ~
~ ”ENOUGH IS ENOUGH” = ”ENOUGH INNOCENT BLOOD HAS BEEN SHED, & IT IS TIME, 4 THAT NATION, 2 BE JUDGED” ~
~ ”HALLELUJAH” & ”AMEN” ~
~ ”BLESSED IS HE, WHO COMES, IN THE NAME OF THE LORD, EVEN SO, COME LORD JESUS” ~
~ ”IT IS TIME, 4 THE WRATH OF GOD, 2 BE POURED OUT, UPON ALL NATIONS, OF THE WORLD, BECAUSE THEIR SINS, HAVE REACHED, THE HIGHEST HEAVENS” ~