Government is ruining America's finances
Editor, the Advocate:
"Not worth a Continental" - an old saying referring to the valueless currency used during the era of our War for Independence. The colonies thought they could pay their debts by just printing more money.
Folks, governments are not businesses that make money; they get money one of three ways: They borrow it, print more of it or take it. This recent set of events wasn't about government shutdown; it was about increasing the borrowing limit of the federal government. How many caught the comment made by the secretary of Treasury that if the debt limit wasn't raised, the government would have to operate from cash on hand and tax revenue coming in? How clever. Isn't that how every smart business and household functions?
The borrower is always servant to the lender, so borrowing funds gives lenders more power over government than the voter. Well, let's print more money, that has already been mentioned. I remember pictures of post WWI Germans taking wheelbarrow loads of money to purchase a loaf of bread. In fact, some were using the money to heat their homes because it was so worthless. Now that we are off the gold and silver standard, there is nothing to back our currency. That leaves taking. If every penny was taken from every citizen of this country, the debt would still not be covered.
Yes, we have a dilemma. For too long, we have looked at government as a cow to be milked instead of a watchdog to be closely watched. Our debt to GDP ratio is worse that Greece, and unfortunately, virtually every government on the planet operates its economy the same way we are, and it is not working. It's time to stop playing party politics, continuing with the status quo and understand we are in a pay me now or pay me later situation. The Constitution's purpose is to restrict the federal government and allow a responsible citizenry to operate in freedom to provide for the needs of society. Who's going to pay us or our posterity?
Tony Corte, Victoria