No economic model throughout history (yes, that even includes the imperial presidency of one FDR) has successfully moved an economy forward by strapping trillions of dollars of debt on the backs of its citizens. In fact, the great unwashed will tolerate just about anything until the products and services they need become too costly. Remember last summer? $4 gas--no way bro--Drill here, drill now and drill, baby, drill rose above the din. Even Pelosi and friends had to back down until the noise died down.
History does record the bloody impact of revolutions instigated by debt as a driver to force currency to diminish in value. The French Revolution, the Bolshevik Revolution, and the American Revolution were not so much a dissatisfaction with monarchy as it was starvation and onerous tax burdens. The Wiemar Republic's inflationary practices paved the way for "change that you can believe in" in the form of the Nazi Party's serious stimulus program. Shovel ready projects such as roads, stadiums, and monuments provided little economic recovery for most workers but did feed the need until the Nazi's launched what would become the solution to the global Great Depression, WWII.
So today everyone knows that with the US fractional monetary policy you can only tease out the value of a sawbuck so far. Right now the Federal Reserve is running its printing presses non stop and the amount of gold to paper is in the one one hundredths. Rumors are flying through the international money markets about the concerns of our major lenders as to the soundness of our currency and the serious consideration of dethroning the dollar as the standard bearer for the world marketplace. And yet, with this serious threat to our ability to function economically, the leaders inside the Executive Branch insist on recommending more spending and more printing. You would think that they want this to happen.
Step it down to Arizona. Same thing: an out of control budget and an unwillingness to make serious cuts, sacrificial cuts, belt-tightening cuts on the part of state legislators. If they could, many would print funny money so they could keep spending.
My question for those who claim to be our representatives: Who among you is willing to stand in the gap for the average guy and demand a balanced budget regardless of the political consequences? Is there anyone who is willing to risk it all to pick up the gauntlet of Jefferson, Washington, and Franklin? Who will be that last man standing?
