October 27, 2008 - By True Patriot and
Congressman
Ron
Paul
With news this week that Congress is poised to consider a new
stimulus package, I am forced to again ask a question that
seems silly in Washington: How will we pay for this?
While a few Members of Congress have raised the issue, it
certainly was not the primary concern of the House Budget Committee
when they interviewed Ben Bernanke on Monday. And, when they
did direct this question to the Chairman of the Federal Reserve,
his answer was the standard rhetoric about how Congress needed
to make tough choices. Needless to say, not many specifics
were discussed.
One of the most liberal members of the House, Barney Frank,
has at least volunteered something of a suggestion: “We
can let Iraq take care of itself.” This, of course, goes
in the right direction, but hardly far enough.
We need to declare the facts and their obvious consequences.
The deficit of the United States is now spiraling out of control,
and the recent bailout package has only made it worse. Our
crushing federal debt is one key reason behind our current
economic turbulence.
As Congress begins to consider the third “stimulus package” of
the year, we need to realize it is time to start setting priorities.
Priority number one should be cutting spending in foreign countries.
This does not simply mean Iraq, but everywhere.
The next stimulus package is likely to include money for infrastructure.
While these investments are, constitutionally speaking, supposed
to be made by state and local governments, it is not likely
that Congress will suddenly begin to pay heed to the document
we are all sworn to uphold. Still, we need to acknowledge the
fact that the current Congress and Administration are rushing
the nation toward bankruptcy.
This being the case, we could hope they would at least come
to their senses regarding our debt and foreign spending sprees.
Our nation’s foreign-held debt is at record highs and
moving ever higher. Continuing to borrow money from Red China
and others in order to pay “dues” to the United
Nations and run “Plan Colombia” makes no sense
at all.
Our whole carrot-and-stick approach to foreign policy makes
no sense. The US government simultaneously gives money to Israel,
and to Egypt. We send AIDS money to Africa while AIDS clinics
in America shut down. “Millennium challenge” funding
goes to countries which enact “market based reforms” as
we push our own country further and further into a centrally
planned economy.
Economic recovery will only come through financial prudence,
savings and getting back to producing things of value again.
But it seems to be a foregone conclusion that we are about
to enact another government initiative to “stimulate
the economy.” Instead, there should be some serious talk
about cutting all of these foreign giveaway programs. But,
alas and again, we should not hold our breath. Congress is
still not close to being serious about ending its addiction
to debt and spending, and is again faced with the deadly temptation
to attempt to spend us out of a recession. We should not forget
that in the 1930’s those types of efforts gave us the
Great Depression.
Read more Articles by Ron Paul at http://www.house.gov/paul/legis.shtml
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