Charles O Walts e-mail this and Dan Short responded.
Detroit declared bankruptcy a few days ago.
I’ve written, for years, about how Detroit should serve as a stark warning to Americans who believe in liberal social policies, like highly progressive taxes and expensive social safety nets.
These socialist programs don’t cure income inequality. They merely destroy wealth by reducing incentives for building businesses and encouraging dependency. That’s why societies with lots of government spending typically have few civil institutions and a small middle class.
Here’s the message our politicians on both sides of the aisle seem to miss: 50 years ago, Detroit was one of the largest and wealthiest cities in the world. Nearly 2 million people lived there, and it enjoyed the highest per-capita income in the United States.
Then, in 1960, everything changed.
Liberal Democrats came to power (and have held power since). Their ideas about using the government to build a “Great Society” – using the government to provide a cradle-to-grave social safety net – have slowly transformed Detroit from the wealthiest city in America to a hellhole.
Detroit’s population has declined by almost 70% since 1960. Roughly half of the people who remain are functionally illiterate. More than 60% live below the poverty line. And roughly half of all adults don’t work. Only about one-third of the city’s ambulances are in working order. Almost half of the streetlights don’t work. It takes the police an average of 58 minutes to respond to emergency calls. The violent crime rate (no surprise) is five times higher than the national average.
It is shocking to realize that only 50 years ago, Detroit was the shining example for the world of capitalism and civil society. It doesn’t take long to destroy wealth.
Now consider this… Detroit went bankrupt with total debts of around $20 billion. That’s roughly $28,000 per remaining citizen. That’s nothing. The debts that the U.S. government has amassed over the same period (the last 50 years) are vastly larger.
Today, all Americans owe more than $16.7 trillion on the federal level – that’s nearly $54,000 per citizen and nearly $150,000 per taxpayer. How many Americans do you think realize that our federal government is twice as bankrupt as Detroit?
Detroit is a living case study of why government efforts to redistribute wealth don’t work. But instead of recognizing any of the lessons of the catastrophe, OBAMA! promises more of the same policies.
Meanwhile, his government is in far worse shape than the city. The only real difference is the president and the federal government are still able to print their way out of trouble, using the Federal Reserve’s ongoing manipulation of the U.S. Treasury market.
But no nation in history became wealthier by printing money and buying its own government’s debts. In every case, inflation soon destroyed the economies and wiped out private savings. Rates on the U.S. 10-year Treasury bond have recently moved from 1.6% to 2.6% – in the face of continued Federal Reserve buying of $85 billion a month.
The dream that the government could provide prosperity to the residents of Detroit has come to its inevitable end. The dream that the federal government can provide prosperity to the entire country is even more delusional. It will come to a far worse end.
Printing trillions in new dollar bills to facilitate the madness won’t prevent the inevitable bankruptcy of our country. It will merely gut the middle class of its savings and its wages first.
Believe me… this will come to pass. It will not take another 50 years. Maybe 10.
From Dan Short
This evaluation of the debt—has one major flaw. That flaw is what position are being used as measurements of relevance as example.
To begin with, the debt of the US is an unknown quantity. For there are not only the recognized debt, the what we know exists the unrecognized debt…but the worst of all…is the accumulate derivative of debt that exist based on the corrosive legislation passed by our anti-American idealism congress for the last 170 years since the insanity of Abe Lincoln.
This nation can ever talk about, or consider debt is to have a willing dis-belief in reality and believe in the fantasy of ‘Alice in Wonderland.’ Yet we are actually in worse shape. Yet we can identify Alice’s plight, and her association with reality—she woke up and brushed off the leaves covering her.
This nation has no future. We cannot just wake up and brush off this nightmare of electing the ‘Dumbest among Us,’ and return to some environment of American sanity.
Without the power of the press—the government money printing press—this nation was bankrupt the day the ‘theft,’ or as our fearless leader identifies, the revenue, the taxes of our nation did not match the expenditure of our nation—we became slaves to government, not government serving the interest of man.
Not only in the world of monetary measurement is this nation bankrupt, we are bankrupt in the basic mores of what this nation is. We are bankrupt in any of the ‘righteous’ morals required for our constitution to exist. We are bankrupt in the foundations of a culture religion, the cornerstone of any society.
Yet there is no opposition. Those who say they are, the Republican Party, can only be described as a disgrace. As such their absolute refusal to stand for the philosophical idealism of this nation while advancing government, communist dictation of our society is beyond comprehension.
This nation is a simple one in design. This design is continued in but two words, ‘fear government!’ As a nation this is all we have to reinstall in our society—‘FEAR GOVERNMENT!’
The question is; have we so far gone down the rabbit hole, that no matter what we do as a nation we will never be able to brush off the leaves and wake up to reality?
Today in this nation; the government of the United States is currently imposing upon the citizenry ‘slavery’ to an extent unknown in the annals of empirical history known to mankind—while that same citizenry in silent ignorance raises no voice, nor action of rejection. Yet the wonder of this nation—before this intrusion, this assault upon the natural rights of all men— was identified long before this nation’s existence, less we forget; or sadly so few ever comprehended!
Edmund Burke…the people of the colonies are descendants of Englishmen…. They are therefore not only devoted to liberty, but to liberty according to English ideas and on English principles. The people are Protestants… a persuasion not only favourable to liberty, but built upon it….from kindred blood, from similar privileges, and equal protection. These are ties which, though light as air, are as strong as links of iron… keep the idea of their civil rights associated with your government,—they will cling and grapple to you, and no force under heaven will be of power to tear them from their allegiance. But let it be once understood that your government may be one thing and their privileges another, that these two things may exist without any mutual relation,—the cement is gone, the cohesion is loosened, and everything hastens to decay and dissolution. As long as you have the wisdom to keep the sovereign authority of this country as the sanctuary of liberty, the sacred temple consecrated to our common faith, wherever the chosen race and sons of England worship freedom, they will turn their faces towards you. The more they multiply, the more friends you will have; the more ardently they love liberty, the more perfect will be their obedience. Slavery they can have anywhere. It is a weed that grows in every soil.
They may have it from Spain, they may have it from Prussia. But, until you become lost to all feeling of your true interest and your natural dignity, freedom they can have from none but you
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