Spending America Into Ruin
By Chief Pistol Packin' Mama on February 9, 2010 in Indicators of need for prepsOne of history’s most important lessons is that politicians should never be given a free hand to borrow money to cover the costs of wars, overseas adventures, or military spending.
More empires have been brought down by reckless spending than by invaders. The late Soviet Union, which wrecked its economy by buying too many tanks, is the most recent example. Now, the United States appears headed in the same direction.
Even so, President Barack Obama calls the US $3.8 trillion budget he just sent to Congress a major step in restoring America’s economic health.
In fact, it’s another potent fix given to a sick patient deeply addicted to the dangerous drug of debt.
It’s amazing how much attention is going toward Greece’s deficit – when Greece represents only 3% of the EU economy. 3%! Meanwhile the U.S. represents 41% of the WORLD economy. Yet everyone is just taking the U.S. debt and deficits in stride because we all assume there can be no alternative – that no other country could be the world reserve currency, etc. That’s just not true. China and other countries put together a proposal earlier this year for dealing with it, but it got sideswiped by the U.S. I guess the U.S. government is making their own bed and lying in it. It’s not going to be fair for Americans or for other countries around the world either.