Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
In the same category

Headed Toward the 11th Hour Compromise

IMG Auteur
Published : December 03rd, 2012
587 words - Reading time : 1 - 2 minutes
( 20 votes, 4.7/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
FOLLOW : Reality
Category : Editorials

 

 

 

 

As the year draws to an end, America faces yet another Congressionally-manufactured crisis which will likely end in yet another 11th hour compromise, resulting in more government growth touted as “saving” the economy. While cutting taxes is always a good idea, setting up a ticking time bomb with a sunset provision, as the Bush tax cuts did, is terrible policy. Congress should have just cut taxes. But instead, we have a crisis that is sure not to go to waste.


The hysteria surrounding the January 1 deadline for the Budget Control Act’s spending cuts and expiration of the Bush tax cuts seems all too familiar. Even the language is predictably hysterical: if government reduces planned spending increases by even a tiny amount, the economy will go over a “fiscal cliff.” This is nonsense.


This rhetoric is based on the belief that government spending sustains the economy, when in fact the opposite is true. Every dollar the government spends is a dollar taken from consumers, businessmen, or investors. Reducing spending can only help the economy by putting money back in the hands of ordinary Americans. Politicians who claim to support the free market and the lower and middle-class should take this to heart.


The reality is, however, that neither Republicans nor Democrats are serious about cutting spending. Even though U.S. military spending is exponentially larger than any other country and is notorious for its inefficiency and cost overruns, Republicans cannot seem to stomach even one penny of cuts to the Pentagon’s budget. This is unfortunate because this is the easiest, most obvious place to start getting spending under control. The military-industrial complex and unconstitutional overseas military interventions should be the first place we look for budget cuts.


Similarly, Democrats are digging in their heels on not cutting any welfare or entitlement spending and instead propose to fix the deficit by raising taxes on the rich, even though the U.S. Government already has a progressive tax code and the rich already pay more than their fair share. Furthermore, these higher taxes would fall on small business owners, investors, and entrepreneurs—in other words, the source of economic growth and new jobs!


The truth is that there is no excuse for government spending being as high as it is, nor for taxes being as high as they are. Even the God of the Old Testament only asked for 10% as a tithe and offering, and Americans revolted against the King of England for taxes that amounted to less than five percent. Yet so many people today complain about “loopholes” for the rich that lower their actual tax rate to “only” 13% in some instances. Even that is a criminal amount to pay for a wasteful, abusive, unconstitutional government.


We are indeed headed to a fiscal cliff and have been long before this latest hysteria cropped up. But it is not cuts to spending or reduced government “revenue” that will send us over the cliff, it is continued government spending that will. Until the federal government limits itself to its Constitutionally-mandated role, spending and taxation will remain out of control.


Look for a “bipartisan” compromise in late December, with Republicans giving in to tax increases and settling for phony spending cuts that actually grow government, and Democrats caving on defense cuts in exchange for tax increases. This is how the government has always grown: both sides will sacrifice their pro-liberty, small government stances in certain areas in order to grow the government where they prefer.


Liberty always loses in the 11th hour.

 

 

<< Previous article
Rate : Average note :4.7 (20 votes)
>> Next article
Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the "one exception to the Gang of 535" on Capitol Hill.
WebsiteMake a donation
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
MOST READ
Silver Technicals - Silver technicals - Zealllc
List of the Largest Diamonds In the World - Famous diamonds  (16)
How To Buy Gold Or Silver - Trace Mayer - Run to Gold  (10)
On corruption - Food for thought  (12)
Most commented articles More... 
TOP RATED
The Gold Bug (Edgar Allan Poe) - Treasures and Gold Fever - Edgar Allan Poe  (13)
On corruption - Food for thought  (12)
How To Buy Gold Or Silver - Trace Mayer - Run to Gold  (10)
March 27, 1980 : Silver Thursday, or the end of the The Hunt Brothers Story - History of Silver - Playboy  (4)
Most commented articles More... 
MOST COMMENTED
100 Items That Disappear First in a Disaster - Beans Bullets Bullion and Bible - 24hgold  (17)
Most commented articles More... 
Latest Comments
‘Real’ Performance Comparison
26 MarChristopherbalz
Question: In the method of figuring inflation referenced, what is the rationale for adding population growth to productivity growth? Sugge...
100 Items That Disappear First in a Disaster
23 Markevthorne
68, 69 probably not that safe - particularly if you're growing your own vegetables - keep a Maine Coon cat instead: does the job automatically.
Farage Interviews Le Pen: “Prison of the EU”
21 Marneville1
BRITANNIA RULES THE WAVES AND NOW BREXIT WAIVES THE RULES. GO FOR IT FRANCE AND RID YOURSELVES FROM THE CHAINS OF IDIOTS. NOT SIN...
How the Fed Operates — And Why It's a Problem
20 Marramasart
In a nutshell, the Fed facilitates the theft of the value of the dollar, as they can control the increase in supply which at the same time inverts ...
How the Fed Operates — And Why It's a Problem
20 Marneville1
With all due respects for outlining how the crooked american Fed works or should work. From all our research we find the following the Fed...
Sparta - Gold prohibition in a collapsing economy
18 Markevthorne
You've answered none of the authors points: your comment is flat rubbish.
America Too Broke to Fix Crumbling Infrastructure? “Bridges, Roads,...
16 MarCameron Waugh1
Just like the leaders of the Bolshevik revolution were not Russians, those formulating belligerent US foreign policy are not Americans, and they ha...
POTUS at SOTUS
16 MarDRGEORGE1
Try explaining that to my patients dying on public waiting lists or getting ripped off by exorbitant private specialist fees!
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS