Category Archives: Credit Crisis
Mitt Romney has selected Rep. Paul Ryan (R-WI) as his running mate with great fanfare among conservatives. Paul Ryan, someone with some fiscal sanity on a major political ticket who can offer an alternative to President Obama and his big government, big spending ways.
Well, not so fast. Not too long after the news of Ryan being selected as Romney’s running mate hit the wires, this little gem was recovered from the memory hole:
Well, maybe this is an anomaly. I wish it were. In addition to supporting TARP, Ryan supported the auto bailout, Medicare Part D, and voted against repealing Davis-Bacon. Ryan is also a war hawk and his record on civil liberties isn’t any better. Extending the Patriot Act, supporting the indefinite detention of American citizens provisions of the NDAA, and voting to create the Department of Homeland Security are but a few examples.
To put it another way, Paul Ryan is no Ron Paul, or even Rand Paul for that matter.
FreeMarketAmerica.org has released a great video (above) called “If I Wanted America to Fail.” It’s a pretty decent list of policies one would want to implement to cause America to fail but it’s far from complete.
Here are a few suggestions of my own:
If I wanted America to fail, I would want congress to abdicate its war powers and give those powers to the president so he could commit acts of war against any country he desires for any or no reason at all.
If I wanted America to fail, I would want these undeclared wars to be open-ended with no discernable war aim. This would lead to blowback and create more enemies for America.
If I wanted America to fail, I would have troops deployed around the world to make sure the world is “safe for democracy” but would topple regimes, even those elected by the people of these countries, if the president found the new leaders not to his liking. This would create even more enemies who would try to cause America to fail.
If I wanted America to fail, I would do away with due process – even for American citizens who the president considers “enemy combatants.” I would want the president to have the ability to detain these people indefinitely, ship them to a foreign country, and even give the president the authority to kill these people anywhere in the world they are found.
If I wanted America to fail, I would have the ATF sell arms to Mexican drug cartels so they could kill innocent people on both sides of the border. I would name this operation after a lame action movie franchise and pretend to know nothing about it when details were made public (It’s not like the media would have any interest in investigating this deadly policy because this is a Democrat administration).
Now it’s your turn. What are the policies being implemented now that you would want implemented if your goal was to make America fail?
If Rep. Ron Paul has accomplished anything in his 2008 and 2012 presidential campaigns it would be the way he has educated the American public about monetary policy and the Federal Reserve. I’ve listened to on line lectures from the Cato Institute and read about monetary policy but more often than not its either over my head or bores me to tears. Paul manages translate the Fed’s policy and put into language people like me can understand and keep it interesting.
Today’s hearing where Paul questioned Federal Reserve Chairman Ben Bernake is a case-in-point. My favorite part is when he asks Bernake if he does his own grocery shopping driving home the point about how his inflationary policies impact average people where it matters most (cost of groceries and fuel doesn’t go into determining the rate of inflation).
The challenge of creating an economically sound, simpler, and more just tax code, be it the existing code, 9-9-9, a flat tax, or a sales tax will remain an impossibility if tax revenues is the only focus of any reform. The problem that dwarfs any notion of how tax policy is implemented is how the money is spent by the government.
As I write this, the national debt is approaching $15 trillion. That’s $47,810 per citizen or $132,927 per tax payer.
Even more staggering, the sum total unfunded liabilities for Social Security and Medicare is just over $116 trillion. The prescription drug part of Medicare is over $20 trillion by itself!
Other than the Federal Reserve creating money out of thin air, what tax policy can possibly begin to support this kind of spending? It seems stupid to even pose the question.
Yet the only answer the Obama administration seems to have to pay down the debt or turn the economy around is to raise taxes on the wealthy and continue the reckless spending. The Republicans for their part offer modest tax cuts and modest spending cuts that will have no noticeable impact on the debt.
It’s high time that we as citizens tell our public servants that the out of control spending has to stop. We must demand serious structural reforms to entitlement programs or phase them out over time.
We must also recognize the difference between military spending and true national defense spending. We can no longer afford to police the world. It’s time to tell Iraq, Afghanistan, South Korea, Japan, and others that they are now responsible for their own national defense and domestic security.
That’s just a start; there’s a great deal more spending that should be cut. But before any significant cuts can be made, we need to decide just how much government we want in our lives and what we are each willing to pay. For those who believe that individuals who make under a certain income level should be spared from paying any taxes at all (i.e. too small to tax) maybe it is you who should be out front in demanding a whole lot less government.