The Obama administration’s Timothy Geithner admitted on “Meet the Press” Sunday that the U.S. economy is likely to crater to a point that’s worse than many have ever “experienced in their lifetime.” He also said to expect the hard times to “continue for a long time to come.” Wow. Finally, some truth from the big-government-loving socialists.
Geithner’s surprisingly frank comments followed Friday’s abysmal jobs report showing that the national unemployment rate actually climbed to 9.2 percent, confounding the predictions of Keynesian economists. Combined with the long-term unemployed who no longer register on the roles and the underemployed, our nation faces a staggering employment problem for well over 20 percent of the population. And it’s getting worse. Perhaps much worse.
More big government is obviously not the answer. We heard last week that Obama’s stimulus package managed to squeak out one job for every $278,000 spent. Pathetic. But this is by no means the only federal outrage; everything D.C. has done over the past three years to revive the economy has failed. From expansion of the central government’s socialistic programs to pumping trillions of federal dollars into the economy through quantitative easing, nothing has worked. Virtually all economic indicators are still headed south.
This extreme federal incompetency is the backdrop to the current debt-ceiling debate. On the one side, we have members of both parties – the Duopoly – saying, “Trust us, we know what’s best for you – the debt ceiling must be raised.” Facing off against this Establishment is the last hope for America: the tea party. These patriots are saying, “Decades of federal growth under both parties is destroying the country. It stops now.” And, assuming Obama doesn’t take the fascist bait by unilaterally increasing the debt ceiling himself, the tea-party coalition has the literal power to match words to action.
Why the necessity of the line in the sand? The Ruling Class simply does not have the willpower to act in the nation’s best interest. Both parties are beholden to interests that benefit from an increasingly powerful central government and its accompanying largess. Bought and paid for. And they are desperate to preserve this power. There’s an absolute vacuum of real leadership in the structure of each party.
The tea party and its representatives in Congress recognize these big-government elites are driving us straight over the fiscal cliff. It doesn’t take an advanced degree in economics to realize that as more and more money is borrowed and printed by the government, inflation and interest rates will increase. For every extra point in interest, we pay an additional $145 billion annually on our $14.5 trillion debt.
Just one or two extra points could be devastating. Already, federal entitlements and interest on the national debt exceed 100 percent of federal revenues. In other words, all constitutional functions of government such as defense, border security and immigration are paid for entirely by borrowed money. Every extra point of interest goes into the debt column. If we return to the inflation and interest rates of the late ’70s, our government will have one of two options: 1) print more money to meet obligations, ultimately creating hyperinflation, or 2) default on its debt obligations, losing the ability to finance government and leading to an abrupt end of 50 percent of government functions.
Either result will be catastrophic to U.S. stability. America will be faced with a crisis approaching that of the Civil War. Urban areas deprived of entitlements will see riots on an unprecedented scale. Our borders will collapse. The military will be cut off at its knees, unable to protect against real threats to our nation. Yet the Duopoly doesn’t seem to give a damn. But the tea party does. That’s why we must stand with those patriots in Congress who refuse to increase the debt ceiling despite the never-ending threats of the self-aggrandizing Ruling Class.
The tea party recognizes that opportunity for orderly transition to smaller government is today; tomorrow may be too late. And for those congressmen who continue to fiddle and drink $300 wine as Rome burns, it’s time to let them know that your vote will never again be co-opted by supposedly “conservative” politicians having more in common with Marx than our founders.
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