Authored by William Robert Barber
Common folks are now concerned about the nation’s sovereign debt, specifically as such concern applies to the fire-breathing monstrous interest-only service on the outstanding debt. When one couples the penalty of interest with the unsustainable, ever increasing cost of governing, rightfully the focus today is on the prudence of raising the debt ceiling without lowering the cost of governing. Of course, this cost-of-governing question has always been answered by an affirmation of “yes” with a behavior of “no”.
Historically, politicians and the appointed of all color, shape, and size have with uncontested consistency found it easier to print money and trade votes for underfunded services than to address the specific challenge. With equal consistency they have created a top-down strategy that simply results in fiscally impaired programs that knowingly, beforehand, promise more than they can fulfill. With PR fanfare they have created departmental bureaucracies that are addicted to doubling down on stupid. These very same politicians, with no hesitation or concern, bank on the public’s acceptance that its issued fiat currency is non-inflationary. All the while, thoughtlessly, in the unending pursuit of raising capital for today’s expenditure, these elected and appointed leaders have inflamed the probability of inflation when they collateralize multiple tomorrows’ tax revenue. These politicians in league with ‘others’, who perceive benefiting from such policies, are very creative; for instance, in lieu of pledging real assets, these financial genies created the securitization of air. They have spooned into the Social Security Trust Fund by replacing the cash for use by the general fund with Treasury promise to pay notes. The Federal Reserve buys Treasuries from the secondary-market with printed funds. And everyday, Fannie and Freddie borrow more monies from taxpayers to satisfy their operational needs. Does any of this sound like a fiscally sustainable system?
They have done all of this while openly competing with private enterprise. The governments of this nation have legitimized, endorsed, and benefited from the distribution of games of chance, cigarettes, and liquor, and earn at least a third on every gallon of gasoline. Let’s agree that this government of ours is the most aggressively prolific of robber barons. And now they want the right to spend more because they have spent all of 14 trillion.
The current debt limit debate has come down to Obama’s pestering for the next election, the newly elected House members sticking to their promise, and the electorates interpretive of the very ethos of what defines America. It has been said by those in the know that “the debt ceiling, means unknown in the present, will be raised. The crises as described by the media will pass.” Withstanding all of that, this next election is a defining affirmation for our country. If Obama should win this one election, liberal progressivism will be validated; the effect of his victory, at a minimum, disabling the conservative momentum. At a maximum it will push the philosophy into dormancy.
This debt limit debate is aligned with a greater purpose. Obama “the great pretender” is focused on reelection. The main stream media, on this go-around, are not so much endorsing Obama as they are in support of liberal progressivism and against the Republicans. Truthfulness takes a backseat to fear mongering, demagoguery, and whatever it takes to win the election. This time compromise will not satisfy the beast nor the paladin.