The Deficit Debate is Deception Drivel
First, some music:
Next, some text:
A statutory debt limit has restricted total federal debt since 1917 when Congress passed the Second Liberty Bond Act.
That statutory limit was passed when the U.S. used gold to give it’s money ‘worth’. That ended in 1973 by Nixon -a Republican and introducer of HMO’s, China trade, and outright lies- and was replaced by ‘fiat currency’.
So what is ‘fiat currency? Investopedia defines ‘fiat currency this way:
“Currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith.
Congress has raised the debt limit five times since 2001. Deficits each year since 2001 and the persistent increases in debt held by government accounts repeatedly raised the debt to or near the limit in place at the time.
It is MOST important to note “the persistent increases in debt held by government accounts”. Why? Because the same document I’m getting this information from fpc.state.gov/documents/organization/105193.pdf states “Second, debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses. This increases debt held by government accounts. The sum of debt held by the public and debt held by government accounts is the total federal debt.”
Currently the public debt is only about 60 per cent of GDP, NOT the 90 odd per cent that the media, economists, and politicians rant on about.
And the “government accounts” debt occurs when Congress ‘borrows’ money from the various “Trust Funds” and pays the “Trust Funds” back with I.O.U.’s that are bonds issued by the Treasury.
So the answer to the question of “who will buy our bonds” if we don’t reduce the deficit is ,simply, “We will” , BECAUSE THAT IS WHAT ALREADY HAPPENS.
So start calling, writing, emailing, faxing, sending carrier pigeons, whatever, EVERY single Congress critter AND the President and tell them you aren’t buying the bullshit of war without new taxes, you aren’t buying the bullshit that there is a ‘deficit problem’, and that you’re completely fed up with the Congress ignoring what the public wants to do to solve the ‘deficit problem’. Lets NOT ‘balance the budget’ on the backs of those already bent down and kicked to the curb by the years of lies and fraud !!
And now the movie: