Today, most Americans believe that borrowing from Peter to pay Paul is normal. In fact, many run their households in exactly the same fashion. Yet, Bill White, former mayor of Houston suggests that today’s heavy borrowing in unprecedented in American history. The only time it was done before, on the scale it is being done today, is during major wars or other very unique circumstances. Not to buy every member of Federal Government an iPad or to juice the stock market.
We couldn’t agree more with Mr. White. The Federal Government and their Central Banker shills are destroying the America we all love and cherish. By promoting war, speculation, financial bubbles, foreign affairs meddling, torture and spying instead of piece, fundamental economic growth and liberty for all, the American Government is destroying this nation. Those who are not paying attention will suffer greatly. It is time to rise up against every level of this government and take back what our founding fathers left us. It is time for a revolution, oh wait a second…….American Idol is on tonight….maybe next week.
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Shocking News: Congress Lies About Federal Budget Google
Bill White, former mayor of Houston, believes that our country has veered way off course with our federal debt.
“For 90% of our country’s history, we only borrowed for extraordinary purposes…to wage war, plug holes during severe downturns or to acquire territory,” says White in the video above. He argues that borrowing money to keep the government functioning normally is deceitful and goes against the “fiscal constitution” that our forefathers created.
“The founding fathers realized that there might be a temptation to use debt to disguise the routine operating expenses of government and taxes are the price that allow consumers to figure out what government costs them,” explains White.
When it comes to balancing today’s budget, the debt ceiling is a joke, says White. “Congress votes to spend money that is greater than the available tax revenue and then they debate later on whether or not to raise the debt to pay for the spending that they’ve already authorized.”
White believes lawmakers should go back to the way they used to fund policy—votes on government spending had to happen immediately and agreed to that day.
“That way the American people knew what you were borrowing money for. That way the American people could hold people accountable,” says White.