The United States government is mired in a 5-trillion-dollar debt. By 1993, net interest payments on that debt were running $214 billion per year. That consumes about 14% of all federal revenue and costs the average family over $5,000 each year. Nothing is purchased by it. It merely pays interest. It represents the governments largest single expense. Interest on the national debt is already consuming more than 57% of all the revenue collected from income taxes. At the present rate of expansion, it will consume 100% in 1998. By 1992, there were more people working for government than for manufacturing companies in the private sector. There are more citizens receiving government checks than there are paying income taxes. When it is possible for people to vote on issues involving the DOOMSDAY MECHANISMS 535 transfer of wealth to themselves from others, the ballot box becomes a weapon whereby the majority plunders the minority. That is the point of no return. It is a doomsday mechanism. By 1992, more than half of all federal outlays went for what are called entitlements. Here is another doomsday mechanism. Entitlements are expenses—such as Social Security and Medicare—which are based on promises of future payments. Entitlements represent 52% of federal outlays. When this is added to the 14% that is now being spent for interest payments on the national debt, we come to the startling conclusion that two-thirds of all federal expenses are now entirely automatic, and that percentage is growing each month. The biggest doomsday mechanism of all is the Federal Reserve System. Every cent of our money supply came into being for the purpose of being loaned to someone. Those dollars will disappear when the loans are paid back. If we tried to pay off the national debt, our money supply would be undermined. Under the Federal Reserve System, therefore, Congress would be fearful to eliminate the national debt even if it wanted to. Political environmentalism has caused millions of acres of timber and agricultural land to be taken out of production. Heavy industry has been chased from our shores by our own government. High taxes, rules beyond reason for safety devices in the work place, so-called fair-employment practices, and mandatory health insurance are rapidly destroying what is left of the private sector. The result is unemployment and dislocation for millions of American workers. Government moves in to fill the void it creates, and bureaucracy grows by the hour. Federal taxes now take more than 40% of our private incomes. State, county, and local taxes are on top of that. Inflation feeds on what is left. We spend half of each year working for the government. Real wages in America have declined. Young couples with a single income have a lower standard of living than their parents did. The net worth of the average household is falling. The amount of leisure time is shrinking. The percentage of Americans who own their homes is dropping. The age at which a family acquires a first home is rising. The number of families counted among the middle class is falling. The number of people living below the officially defined poverty level is rising. Over 90% of all Americans are broke at age 65.
Posted on: Tue, 25 Mar 2014 18:46:22 +0000
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