Behind every small business, there’s a story worth knowing. All the corner shops in our towns and cities, the restaurants, cleaners, gyms, hair salons, hardware stores – these didn’t come out of nowhere. A lot of heart goes into each one. And if small businesspeople say they made it on their own, all they are saying is that nobody else worked seven days a week in their place. Nobody showed up in their place to open the door at five in the morning. Nobody did their thinking, and worrying, and sweating for them. After all that work, and in a bad economy, it sure doesn’t help to hear from their president that government gets the credit. What they deserve to hear is the truth: Yes, you did build that. - Paul Ryan, Republican VP Candidate, RNC SpeechI just want to preface that my using that passage from Ryan's speech last night in no way is an endorsement of the Romney/Ryan ticket for the Presidency. In fact, as I've stated on this blog previously, I firmly believe the best way to get real change in this country is if no one shows up to vote on election day, which would de facto invalidate our Government.
People accuse me of being unpatriotic and ungrateful for not voting. But, au contraire, I would argue that anyone who does vote is affirming and legitimizing an illegitimate system. Our Governmental system bears no resemblance to the system ratified and put in place by the Constitution and our "elected" officials - nearly every one of them - is either a complete fraud (Obama) or thoroughly corrupt.
Moving along, I wanted to point out that as of Tuesday's debt issuance by the Government, our national Treasury debt officially exceeds $16 trillion. The debt ceiling limit put in place in 2010 is $16.394 trillion. It was lifted to this level at the end of January 2012. At this rate of new debt issuance, roughly $114 billion per month, the Government will exceed its legal debt limit by the beginning of December. And please keep in mind that there is off-balance-sheet Government guaranteed debt in the form of Fannie Mae, Freddie Mac, FHA and General Motors. That extra $8-10 trillion gets conveniently left out of everyone's discussion. But not mine.
Furthermore, a report was released earlier this week showing that the 50 individual States collectively have over $4 trillion in outstanding bonds, unfunded pension commitments and budget gaps: LINK If you add that to the debt that is an obligation of the U.S. Treasury (vs. all the "legacy" liabilities like under-funded Federal pensions, social security, medicare, etc), you have around $30 Trillion in Federal and State direct debt. That's about 200% of GDP. That ratio makes Greece and Spain look like "gold standard" countries.
When will this debt/dollar bubble finally burst? Anyone's guess is as good as mine, but mathematically this can not go on much longer. Either the Government has to shut everything down except the functions provided in the Constitution or the Fed has to crank up the printing press in a major way. I will say that anyone who owns Treasury bonds, from the Chinese Central Bank to the lowliest American retiree, is a complete idiot. I'd rather own a big bag of shit. At least I can sell the bag of shit for use as crop fertilizer.
Circling back to my endorsement of that particular passage from Ryan's speech last night (honestly, that was actually the only part I heard as I had clicked on to CNN randomly and there it was. It was also the first time I've heard Ryan give a speech - his voice makes him sound like a high-pitched pin-head - it's bad enough that he looks like Pee Wee Herman), it was clearly a massive missile fired at Obama's comment that American business owners owe their success to the Government. I don't think anything I've heard Obama say has pissed me off more than that. Obama owes his "success" to the Government and to all the socialist programs put in place like Affirmative Action which have enabled Obama throughout his life.
Obama has been a lifelong beneficiary of public spending and the public payroll. In fact, Obama has made more than enough money off of his book deals to live comfortably and I have this modest proposal: Obama should be the first person on Capitol Hill who gives up his Taxpayer and debt-financed salary plus benefits in order to help solve our catastrophic debt problem . And he should step forward as a leader and call on all members of Congress who have personal wealth to give up their Congressional pay and benefits. I think as public servants this is the least they all can do.