POLITICAL: BHO44 SOTU long on words; short on meaningful debt reduction


And the debt bomb ticks on
Posted: January 25, 2011
Pat Buchanan

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Undeniably. Yet, consider.

The federal deficit for the fiscal year 2011, which ends Sept. 30, is projected at between $1,200 billion and $1,500 billion.

Thus, the $100 billion in cuts the firebrands are pushing, and few think they will get, add up at best to 8 percent of the deficit and 2.5 percent of the $3.87 trillion budget Obama proposed.

Thus, at best, this Congress will only slightly reduce the rate of speed at which we are heading toward a debt default.

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I heard a lot of “investment”, “infrastructure”, and other pie in the sky.

Even the Tea Party “firebrands” aren’t cutting big enough.

And, they insist on using the Federal Reserve Bank Notes, mislabeled “dollars”.

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In 1792 the U.S. Congress adopted legislation titled An act establishing a mint, and regulating the Coins of the United States. Section 9 of that act authorized the production of various coins, including “DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver”.

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I’d suggest that the Debt Limit NOT be raised. Close the “credit card”.

I’d suggest that we need to go back to 30 year Treasury bonds.

I’d suggest that we issue special 50 or 100 year debt reduction bonds to amortize the debt.

I’d suggest that we go back to “Constitutional money” and end the FED.

But what do I know!

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