The problem with people’s attitudes toward the national debt is that everyone has forgotten why we borrowed in the first place. The theory was that if you borrowed rather than printed money, you were NOT increasing the existing money supply, and therefore, in theory, it would not be inflationary.
However, the Democrats forgot how to run for government without their Marxist agenda of bribing the people to vote for them. This led to always creating deficits. Add to this the NEOCONS who have done nothing but wage wars ever since World War II to defeat Communism and have spent money lavishly on trying to conquer the world.
During the Presidential Third Debate of 1960, the question about the outflow of gold from the USA reserves arose. This sparked a Gold Panic in the London gold market, whereby gold rallied to $40 for the first time, showing that the Bretton Woods System was beginning to collapse. The United States’ outflow of gold was not really from a trade deficit but from the fact that the USA was defending the world with its military establishing bases everywhere. That meant capital was leaving. Gold rallied again to $40 in the late 1960s, and finally, it forced the collapse of the convertibility of gold under the Bretton Woods System in 1971. Kennedy’s words were:
“Now, on the question of gold. The difficulty, of course, is that we do have heavy obligations abroad, that we therefore have to maintain not only a favorable balance of trade but also send a good deal of our dollars overseas to pay our troops, maintain our bases, and sustain other economies. In other words, if we’re going to continue to maintain our position in the sixties, we have to maintain a sound monetary and fiscal policy. We have to have control over inflation, and we also have to have a favorable balance of trade. We have to be able to compete in the world market.”
The dollars were being spent not to benefit our economy but to fulfill the dreams of the Neocons; when Communism fell, they refused to accept any real change.
Rome takes care of widows and orphans.
We borrow, which is worse than printing because we have to pay interest on constantly rolling the debt. This year, we will spend about $1 trillion on interest, the total national debt when Reagan took office in 1981. At times, 70% of the national debt is accumulative interest. That means it went nowhere to improve society or care for widows and orphans, at least as the Romans did. Had we printed the money instead of borrowing, it would have been less inflationary and the capital would have created more jobs instead of investing in government debt which has only funded the Neocons’ wildest dreams.
America needs a strong leader to restore law and order in our society. Our leadership has chosen to create division and cause neighbors to turn on neighbors. We are facing the highest national debt in US history, lower purchasing power, inflation that will not wane, a sharp wave in crime, a housing crisis, two proxy wars with a third on the way, and no one has taken a stand to calm the fear of uncertainty that has caused the people to lose all trust in government.
Where is the POTUS, the commander-in-chief? Not only do the American people need the president, but all of Washington needs a centralized authority figure to connect each branch and cabinet. One of the president’s primary roles is to ensure that all of Washington is working collectively, but our current president is nowhere to be found.
Joe Biden has addressed the public on fewer occasions than any other president in the past four decades. The Times wrote, “For anyone who understands the role of the free press in a democracy, it should be troubling that President Biden has so actively and effectively avoided questions from independent journalists during his term.”
The Times even endorsed Joe Biden during the 2020 US Presidential election, but now they are forced to admit that the president is a failure. “That systematically avoiding interviews and questions from major news organizations doesn’t just undermine an important norm, it also establishes a dangerous precedent that future presidents can use to avoid scrutiny and accountability. That is why [publisher A.G.] Sulzberger has repeatedly urged the White House to have the president sit down with The Washington Post, The Wall Street Journal, Reuters, CNN and other major independent news organizations that millions of Americans rely on to understand their government.”
The press secretary refuses to answer questions on behalf of the president. He has been seen with note cards that dictate which reporters he may call upon during Q&A sessions, and those reporters are equipped with pre-approved easy questions. All of this is a deliberate attempt to hide Joe Biden’s failing mental health, as he always misspeaks when not reading directly off of a teleprompter. And people want another four more years of this mess?
I reported in December that Biden had spent at least40% of his entire presidency on vacation. The man with arguably the most important job in the world has set the record for taking more time off than any other president, collectively absent for over a year of his first and hopefully last term. He has only held four events before 10 AM and around a dozen past 6 PM. His former Press Secretary, Jen Psaki, once said that he does nothing prior to 9 AM, but it is closer to 10 AM if you look at any of his public schedules.
How will Biden physically manage an additional four years when he is not fit enough to currently hold office? He has refused to take a mental health examination, but we simply do not need one at this point. A company would crumble if the person in charge was absent, avoidant, or dismissive of any real responsibilities. But we accept this level of incompetency for the person in charge of a nation?
Posted originally on May 8, 2024 By Martin Armstrong
Short of joining Hamas, there is nothing Joe Biden will not do to secure the Gen Z vote. The latest plan will “forgive” $7.4 billion worth of student loans, which brings the total of loan cancelations under Biden to $153 billion. This new wave will benefit 277,000 borrowers/voters and cost the American public $559,000,000,000.
The original student loan forgiveness plan backfired, plain and simple. Payments were frozen in March 2020 under the CARES Act when countless people were out of work, and the program made sense. Millions of people simply stopped paying their loans as they believed Biden’s campaign promise to make all student loans vanish into thin air. By July 2023, over 7.5 million borrowers had defaulted on their student loan payments. Millions more were set to default in September 2023, when the COVID provisions were set to end. The Department of Education then decided to create an “on-ramp” period until September 2024 so that anyone who missed a payment would not face consequences.
Biden has “forgiven” billions in student loan debt since then, adding to the overall deficit and taxpayer burden. Amid low polls and pushback from academics and universities, Biden has decided to introduce a new wave of loan forgiveness. He has implemented the SAVE plan which has quickly shot up in costs from $475 billion to $559 billion. The SAVE income-driven repayment plan bases payments on a percentage of discretionary income, but low-income borrowers may be completely off the hook from paying back the debt they agreed to take on.
“As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we will remain relentless in our pursuit to bring relief to millions across the country,” Biden stated. What about the American public that has seen the value of their dollar decline drastically since Biden took office? Joe Biden is blatantly BUYING VOTES and ignoring the economic implications as our national debt is perhaps the largest threat to our national security.
Halting repayments after the government agrees to shut down the global economy is one thing. Saddling the average American with additional tax obligations is extortion and economic tyranny. No one will forgive your mortgage loan, for example, a cost you agreed to take on. Biden continues to hunt down the American public for taxes to pay for his ridiculous spending plans that only benefit him and a select group of voters. The expected cost of student loan redistribution to the taxpayers continues multiplying as Biden’s poll numbers drop.
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
Centinel2012 