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It’s A Gray Area:

We must regain fiscal responsibility!

March 02, 2008|By JAMES P. GRAY

In my view, the most dangerous threat to our safety and security is not the possibility of being invaded by another country, or even the terrorist actions of any of the world’s radical elements. Instead, our greatest threat is a weak national economy.

Ancient Greece, ancient Rome and the Ottoman Empire were really not conquered by external forces. Instead, they overspent themselves to death and spread themselves too thin. That is a major lesson in history, and the government of the United States of America has not learned that lesson.

For example, the total revenues or tax collections for the federal government in 2007 was about $2.5 billion, but the total expenditures by the federal government were about $3.2 billion. So our government had a budget deficit in this past year alone of $700 billion!

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To that we add the existing national debt of about $10 trillion, which requires an annual debt service or interest payment of more than $350 billion. That is almost $1 billion every day we make just in interest payments!

We are making those interest payments by borrowing the money from other countries and by printing extra money, which contributes directly to inflation. You can see why the value of our dollar is declining.

If this balance sheet were to be applied to any private business, that business would be in bankruptcy. No non-governmental enterprise could survive such red ink. But our government continues to deepen the hole we are in. Among other things, this recent tax cut results in our government borrowing even more money just so that it can give that money back to the lower-earning population. That may be smart politically, but more borrowing adds more to inflation, which will hurt virtually everyone.

So all unproductive expenditures of the federal government must be eliminated, as a matter of our nation’s security! We as taxpayers and voters must demand — now — that our government return to fiscal responsibility. In every respect, big and small.

For example, recently I received a really expensive brochure “Report to the District” from Congressman John Campbell, prepared at taxpayer expense. You probably received one too. OK, fine — all congressional representatives do it. But that is no excuse. It had to have cost a lot of taxpayer money.

So I sent him a letter and suggested that, if such a report were necessary, it be provided in the form of a simple and inexpensive letter.

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