Monday, June 5, 2023

Republicans Fiscally Irresponsible Act

By Ron Paul - June 05, 2023 at 01:46AM

undefined

The political and financial class breathed a sigh of relief when Congress passed the Fiscal Responsibility Act of 2023. The bill suspends the debt ceiling for two years, thus avoiding the establishment’s nightmare of a government default on its debt. Rather, it allows the government to continue adding trillions of dollars of debt that will be monetized by the Federal Reserve.

Of course, this default will be felt by the people in the form of an inflation tax. This inflation tax may be the worst of all taxes, because it is both hidden and regressive. Politicians love to point the finger at greedy corporations, labor unions, and even consumers for increasing prices instead of taking responsibility for the legislation they pass that incentivizes the Federal Reserve to create more inflation.

Republican supporters of the bill claim it begins to roll back the excessive spending of the Biden years. While the bill does rescind $28 billion of unspent COVID funds, it  just recycles that money into the Fiscal Year 2024 budget. Thus it does not save taxpayers a dime. The bill does cap domestic discretionary spending for Fiscal Year 2024 at $704  billion and spending for Fiscal Year 2025 at $711 billion. However, these caps come from a budget whose baseline includes the increased COVID spending. The bill only cuts spending by 0.1 to 0.2 percent of gross domestic product over the next two years  - assuming Congress does not reverse the cuts. Of course, it makes no attempt to actually cut spending, much less eradicate any illegitimate and unconstitutional government agencies, cabinet departments, or programs. 

Even though “defense” is the third largest item in the budget (behind social security, Medicare, and interest in the national debt), our annual military budget alone is more than the combined  budgets of the next ten biggest spending countries. The Fiscal Responsibility Act doesn’t take a penny away from the military budget; instead it matches President Biden’s request for a 3.2 percent increase.  This increase comes despite the fact that the Pentagon has never complied with the law requiring it to pass an audit.  

Biden’s military budget is the largest in United States history and probably world history. Deep  State Republicans like South Carolina Senator Lindsay Graham never met a war he didn’t love.  Graham and his allies threatened to block passage of the bill unless the military spending was increased and more taxpayer money—and Ukraine and Russian lives — wasted in the Ukraine Russian conflict.

Hawks alienate current and potential allies with their hyper-interventionist policies. This along with the increasing national debt is leading to increased challenges to the US dollar's status as the world’s reserve currency. The dollar’s status is the only reason Congress has been able to run up such a huge deficit without causing a major economic crisis.

The Fiscal Responsibility Act will result in increased government spending, debt, and deficits. It will also further erode the value of the United States Dollar, thus making it more likely that the US dollar will lose its world reserve currency status sooner rather than later. The Fiscal Responsibility Act is to fiscal responsibility as the Affordable Care Act is to affordable health care and as the Patriot Act is to true Patriotism. Perhaps a future Congress will introduce legislation that actually begins to cut back on the size and scope of government called the Fiscal Irresponsibility Act!

from

via IFTTT

No comments:

Post a Comment

Merchandise

Ron Paul America Cloud

Site Credits

Ron Paul America

is voluntarily affiliated with

Liberty Operations Group

______________________________

Site created, maintained and hosted by

Liberty Web Services

Tags

#TurnOnTheTruth 2008 2012 4th amendment 911 ACTION Afghanistan war Agency Aggression Principle al-Qaeda Alan Colmes Alert America America's Fault Americans antigun AR 15 assault weapon Audit Authoritarian bailouts Believe Big Brother big government bill of rights Blame blowback bubbles Bush Campaign for Liberty Career Politician Eric Cantor Central Bank Charity China churches collapse Collectivism Commission committee Compassion Congress Conservative constitution Crash dangerous person Democrat Democrats Donald Trump Donald Trump. Planned Parenthood drones economic Economy Edward Snowden End the Fed European Union Federal Reserve Floyd Bayne floyd bayne for congress force foreign interventionism free market free markets GOP Nominee GOP Presidential Debates Government Great Depression gun control House of Representatives housing bubble HR 1745 I like Ron Paul except on foreign policy If ye love wealth better than liberty IFTTT Individual Individualism Institute Irag Iran Iraq war ISIL ISIS Judge Andrew Napalitano libertarian Liberty Liberty Letters Liberty Report Lost mass Media meltdown metadata Micheal Moore Middle East Mitt Romney nap National Neocons New Ron Paul Ad New York Times Newsletters Newt Gingrich No Non non-interventionism NSA NSA Snooping Obama Overreach overthrow Patriot Act peace Peace and Prosperity politicians Pope Francis President Presidential Presidential Race programs prosperity Race Racist Racist Newsletters Rand Paul Read the Bills Act recessions redistribution of wealth refugee crisis Repeal Obamacare Report Republican Republican Nomination Republican Nominee Republicans Revolution Rick Santorum Rick Santorum Exposed Ron Ron Paul Ron Paul Institute Ron Paul Institute Featured Articles Ron Paul Institute for Peace And Prosperity Ron Paul Institute Peace and Prosperity Articles Ron Paul Next Chapter Media Channel Ron Paul Racist Newsletters ron paul's foreign policy Ronald Reagan ronpaulchannel.com ronpaulinstitute.org Rosa DeLauro russia Samuel Adams Saudi Arabia Second Amendment Security Senate Senator September 11th attacks Show Soviet Spying stimulate Stock Market surveillance Syria tech bubble terrorist The the Fed the poor US US foreign policy Us troops USA Freedom Act Virginia Virginia Republican Primary voluntarism. Liberty Voluntary Warner Warning warrantless wiretaps YouTube