home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
Black Crawling Systems Archive Release 1.0
/
Black Crawling Systems Archive Release 1.0 (L0pht Heavy Industries, Inc.)(1997).ISO
/
tezcat
/
Financial
/
US_Debt.txt
< prev
next >
Wrap
Text File
|
1996-07-08
|
8KB
|
143 lines
From the Radio Free Michigan archives
ftp://141.209.3.26/pub/patriot
If you have any other files you'd like to contribute, e-mail them to
bj496@Cleveland.Freenet.Edu.
------------------------------------------------
THE GROWTH OF DEBT!
----------------------------------------------------------------
1780 until 1965 ............................... $250 billion
President Reagan 1980 ........................... $1 trillion
President Bush 1988 ............................. $2 trillion
President Clinton 1994 .......................... $4 trillion
(this puts the lie to considering debt as a percentage of GNP)
----------------------------------------------------------------
The national debt is a house of cards since it is based on a
belief system; a belief in the strength of America. That means
anyone purchasing American debt must believe their investment
will be safe for the next five years (the security's term) and
that they will see a profit from the interest. If that belief
falters even a little, people, corporations and foreign
countries will refuse to buy American securities. After all
would you lend money to anyone who owed more than six times
their total annual income and had to pay it all back in five
years. That's the position we will be in by 1996. The government
will then be forced to raise the interest paid on these
government securities to lure the buyers back. This will cause
interest payments on the debt (whatever it is at the time) to
rapidly swallow more budget creating more of a deficit and the
need for further borrowings and the spiral will continue.
Finally, when no one will take the securities at any price, the
government will go to the Federal Reserve and make it buy what
it needs. This is called "monetizing the debt." It means
printing money (this is already happening). Inflation will
skyrocket to thousands of percent annually. Foreign markets will
no longer accept the dollar as payment for imports. That means
no foreign oil which now makes up of our energy needs. Gasoline,
already wracked by inflation will all but vanish. This will
impact the supply of everything else since delivery depends on
fuel. People will be standing in lines to buy everything with
worthless dollars. Unemployment will reach unparalleled
proportions. In short, we will again be on par with the Russians
as a world power. Every world power throughout history has had
an end. Can we afford to believe that America is somehow special
and that it can't happen to us?
So, with this cancerous growth of debt, why can't the government
fix it. They have tried repeatedly and failed. Nearly 10 years
ago (and $3 trillion less of debt) the Gramm-Rudman-Hollings Act
was passed. It placed into law spending cuts of $36 billion per
year for five years. This was to bring the deficit to zero by
that time. In 1987, it was voted to reduce those cuts and in
1990 the Act was virtually abolished as the debt soared. Early
in 1994, Rob Anderson (D., N.J.) and Bill Zelif (R., N.H.)
introduced legislation (The A to Z Spending Cuts Plan) that
would require a special session of congress to have a full house
vote on every item in the budget including ENTITLEMENTS (50% of
the budget) which are now off limits in any budget discussion. A
House majority signed the legislation but the Rules Committee
blocked it. That's how congress works. It is made up of small
kingdoms called committees that are able to block popular
legislation all by themselves and these little kings reign for
decades. This is where the true power of our government lies.
But ultimately it's we who are to blame. Elected officials
respond only to the loudest voices. If the people don't demand
an end to deficit spending, they will not get it. The people must
make it an issue. An NBC poll found that 85% of Americans
believe elected officials are more concerned with getting
reelected than doing what's right for the country. Yet we
continue to reelect these same people 95% of the time. That's
because the debt is an insidious enemy; no one will feel it's
effect until a collapse is imminent. Then it will be too late.
Through out American history men and women have given their
lives for its security. All I'm asking for is a small effort to
save us from a threat as real as any foreign power. If this
letter sickens you then PLEASE copy it and pass it on to others
or mail it to at least 20 other Americans but do it TODAY!!!!!
DON'T BREAK THIS CHAIN!!!!
IF YOU LOVE YOUR COUNTRY READ THIS, MAKE COPIES AND PASS IT ON.
IT'S WHAT THE POLITICIANS DON'T WANT YOU TO KNOW ABOUT THE DEBT.
================================================================
America is nearly $ 5 TRILLION in debt and rapidly failing
further.
To get some kind of idea just how much this is, imagine that
someone gives you $1 million each and every day from now on
until you get to $5 trillion. It would take you 14,000 years!
And now the entire debt must be refinanced every 5 YEARS!!!
America adds another $1,000,000,000 to the debt every 44 hours.
This time period is expected to shrink to every 25 hours by 1997.
To pay for this we will spend $300,000,000,000 on interest this
year.
This is more than $1000 for every man, woman and child in
America and it provides us no services, no roads and no added
security.
We are now paying $1,000,000,000,000 ($1 TRILLION) every year to
welfare and interest. That is 70% of the total Federal Budget
while only $0.30 of every welfare dollar goes to those below the
poverty line. Aaron Spelling, producer of The Love Boat and
Beverly Hills 90210 lives in a 55,000 sq.ft. palace in Beverly
Hills and is still eligible to receive his Social Security check
every month.
Only 30% of our tax dollars are left to defend and run the
country.
Because entitlements (welfare) and interest payments are growing
at such a fast pace President Clinton has asked congress to cut
$80 billion from defense over the next five years. The programs
to be axed are; the Air Force's F-22 jet fighter, the Army's
Comanche helicopter, the Navy's New Attack Submarine, the
Marines V-22 Osprey tilt rotor transport and more too numerous
to list. With the current readiness of our armed forces we could
not mount another Desert Storm.
------------------------------------------------
(This file was found elsewhere on the Internet and uploaded to the
Radio Free Michigan archives by the archive maintainer.
All files are ZIP archives for fast download.
E-mail bj496@Cleveland.Freenet.Edu)