The U.S. Economy in 2007

“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.” –Thomas Jefferson

“We face a coming financial crisis. Our current account deficit is more than $600 billion annually. Our foreign debt is more than $3 trillion. Foreigners now own over $1.4 trillion of our Treasury and mortgage debt…We must borrow $3 billion from foreigners every business day to maintain our extravagant spending. Our national debt now is increasing $600 billion per year, and guess what, we print over $600 billion per year to keep the charade going. But there is a limit and I’m fearful we’re fast approaching it.” –Congressman Ron Paul, M.D., September 17, 2005

“Make no mistake, the problems faced by the American people are not caused by unscrupulous mortgage brokers or the rising price of oil; these are symptoms of an economic disease caused by a spendthrift Congress enabled by loose monetary policy.” –Congressman Ron Paul, M.D., November 3, 2007

“Now, the Democrats have released a report on the total costs of the military operations in Iraq and Afghanistan, including “hidden costs” such as interest on the money we’re borrowing, and long-term healthcare for vets…The bill comes to $3.5 trillion…If $3.5 trillion is the true cost of these military adventures, $11,500 is the amount every man, woman and child in this country pays. So, a family of four would pay $46,000 just for this war…In other words, war has cost more than an entire year’s worth of income from each middle class Texas family…Congress should not increase taxes by $3.5 trillion and the administration meeds to end the occupation of Iraq, with its costs of $3.5 trillion to taxpayers. Let the hardworking American taxpayers keep their money. Families need that $46,000 far more than government does.” –Congressman Ron Paul, M.D.

“Federal Spending, deficits, and Federal Reserve mischief hurt the poor while transferring wealth to the already rich. This is the real problem, and raising taxes on those who produce wealth will only make conditions worse. Borrowing money to cut the deficit is only marginally better than raising taxes. It may delay the pain for a while, but the cost of government eventually must be paid.

Federal borrowing means the cost of interest is added, shifting the burden to a different group than those who benefited and possibly even to another generation. Eventually borrowing is always paid for through taxation.” –Congressman Ron Paul M.D.

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One Response

  1. I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

    Tim Ramsey

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