By Frosty Wooldridge
October 2, 2008
Denver's radio talk show host Peter Boyles of www.khow.com, said, “America is in the greatest crisis since the Great Depression.”
How do you suppose we arrived at this moment?
Take a guess at America’s number one export in the past 10 years! Food? Oil? Steel? Textiles?
Nope! America’s #1 export: debt, IOUs, arrears, jobs, negative balance sheets!
We stand nostril-deep and up to our eyeballs in national and international debt. As my brother Howard, who walks the Halls of Congress weekly, said, “This will be the year of ‘troubles’. We’ll find ourselves in more and more troubles as bankers and investors demand their markers.”
As Time Magazine’s Justin Fox said, “Debt explains why things are such a mess right now.”
Who brought us this mess? For starters, look to President Bush, Senator Harry Reid, Speaker Nancy Pelosi and the rest of our 535 members of our U.S. Congress. Let’s not forget the Federal Reserve! Its hand in skewering Americans rivals the Robber Barons of the late 1800s. If you look back to 1913, the Robber Barons pulled their greatest coup when they slid the Federal Reserve into law.
Mark Twain said, “When our Congress is in session no man’s money or possessions remain safe.”
Why so much debt?
Every year, we shell out $700 billion to pay for gasoline that vanishes in smoke. Next to that, we pitch another $700 billion into the money coffers of India and China in trade deficits. Folks, that’s $1.4 trillion cascading like Niagara Falls OUT of our country year in and year out.
Added to that, our $9.4 trillion federal debt costs us in excess of $400 million daily in interest payments that land into the hands of the lenders. China holds $1.1 trillion of our T-bills. We borrow $2 billion daily from foreign investors to float our debt ridden economy. Our consumer debt exceeds $2 trillion.
On top of that, U.S. taxpayers shell out $346 billion in their money to pay for medical, food, educational and incarceration costs for an estimated 20 million illegal aliens. To make matters worse, legal and illegal migrants send $80 billion annually back to their home countries. Talk about bleeding the Golden Goose to death!
Our military industrial complex spends billions of dollars to maintain 572,000 military personnel on 700 bases in 130 countries around the world. While we cringe at the $700 billion bailout, this week, the House passed a military spending bill costing us $612 billion, but with Homeland Security appropriations, the bill rounds out at $1 trillion. We spend that money at $12 billion monthly in Iraq and Afghanistan.
At an average of $6 billion annually, U.S. taxpayers gave $84.8 billion of their money thus far to Israel. Since 1979, Egypt received $50 billion from U.S. taxpayers. Zero in return; absolutely zero!
Per orders from the Clinton and Bush Administrations for the past 16 years, mortgage brokers found easy access to ‘no down payment’ loans to anyone that featured a heartbeat and could make their mark on a contract. Whether they showed proof of being an American citizen with the ability to pay their mortgages made no difference. Ultimately, estimates range from five million to many more illegal aliens gained U.S. mortgages with no down payment. They piled two or three families into single family homes. They degraded neighborhoods that dropped property values that drove out American citizens.
Few appreciate that taxpayers spend $50.6 billion annually to house 2.3 million criminals at $22,000 each prisoner. (Bureau of Justice Statistics) We pay more for prisons than maintaining our educational systems.
When you look at our major export being debt and jobs, you understand that we cannot continue on this path. America faces the 21st century with daunting limitations after two centuries of unlimited growth. We face an economic paradigm that can no longer continue. We must move toward steady state economics. (www.steadystate.org)
Will we continue toward certain failure, i.e., collapse? Will we keep building air craft carriers and maintain 700 military bases around the world? Will we keep exporting jobs and importing $700 billion worth of trade deficits annually? Will we move toward electric cars and alternative energy or allow ourselves to run this civilization over a cliff?
Kirk Peffers in the Denver Post said, “You couldn’t fit a credit card between McCain and Obama’s foreign policy positions. No real differences on Russia, Georgia, NATO, Israel, Iran, Vietnam, North Korea, or, as Obama called it, “projecting U.S. power around the world. No criticism of having U.S. bases in 130 countries. Neither candidate has learned the No.1 lesson for the 20th century: Empires are over. We are like Rome 300 A.D., or London, 1935.”
This nations spirals into deeper and deeper “troubles” because we keep buying air craft carriers and forging wars while we allow our citizens, cities, schools and infrastructure to rot, decay and degrade. We keep importing millions of poor and uneducated the third world and expect what—a cultural and intellectual renaissance?
Let’s stop building up Iraq, Israel, Egypt and other countries. Let’s spend our money on our country. Whatever we do, we must create a vision of our civilization today for any chance for a tomorrow for our children.
To take action:
Listen to Frosty Wooldridge on Tuesdays and Thursdays as he interviews top national leaders on his radio show “Connecting the Dots” at republicbroadcasting.org at 6:00 PM Mountain Time. Adjust tuning in to your time zone.
© 2008 Frosty Wooldridge - All Rights Reserved
Frosty Wooldridge possesses a unique view of the world, cultures and families in that he has bicycled around the globe 100,000 miles, on six continents and six times across the United States in the past 30 years. His published books include: "HANDBOOK FOR TOURING BICYCLISTS" ; “STRIKE THREE! TAKE YOUR BASE”; “IMMIGRATION’S UNARMED INVASION: DEADLY CONSEQUENCES”; “MOTORCYCLE ADVENTURE TO ALASKA: INTO THE WIND—A TEEN NOVEL”; “BICYCLING AROUND THE WORLD: TIRE TRACKS FOR YOUR IMAGINATION”; “AN EXTREME ENCOUNTER: ANTARCTIA.” His next book: “TILTING THE STATUE OF LIBERTY INTO A SWAMP.” He lives in Denver, Colorado.