Category Archives: Economy

Debt Ceiling Fear Mongering

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Alan Blinder, former vice chairman of the Federal Reserve, and co-author of a very popular Economics college textbook, believes that although the fiscal cliff was serious, the “debt ceiling is scarier.” Allowing the economy to go over the fiscal cliff would have resulted in a 4.5 percent contraction of GDP. The upcoming debt ceiling impasse could shrink GDP by more than 6 percent, force a 26 percent reduction in government spending, and a “swift descent into recession.” Blinder said that “At current rates of spending and taxation, federal receipts cover less than 74 percent of federal outlays.” (Wall Street Journal, The Debt Ceiling is Scarier than the Fiscal Cliff, January 14, 2013)
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“Addressing Our Debt Is a National Security Imperative”

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I have written several articles on the national debt as the biggest threat to our national security. I have given numerous lectures on the subject and every time, during the Q and A time, professionals astonished me with their naiveté. Liberals always post unkind and downright insulting commentaries to my articles, accusing me of being a “tool” of the one-percenters and a paid advocate of the rich. Nothing could be further from the truth.
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National Debt is Still the Biggest Threat to Our National Security

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“An unlimited power to tax involves, necessarily a power to destroy, because there is a limit beyond which no institution and no property can bear taxation.” – John Marshall

Americans are in denial about the simple fact that our national debt is the biggest threat to our national security. National debt grew exponentially from Washington’s profligate deficit spending, recessions, and wars.

When I looked today at the national debt clock, each taxpayer owed approximately $142,000, the figure changing rapidly based on factors such as the value of the dollar, trade deficits, and the latest sums borrowed from U.S. taxpayers or from whatever country willing to buy our Treasury Securities, T-bills, T-notes, and T-bonds – China, Japan, and oil exporters being the largest buyers of U.S. debt so far.
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