Powder Blue Report

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Friday, December 30, 2005

Debt Limit Increase Coming Again

Alan Bock of the OC Punch Blog has just posted an important story over at The OC Register's blog. It seems that we can't pay our bills next year without reving up the fed printing presses a lot more. More money in circulation = higher inflation. It's as plain as day. It's the worst tax possible because it is hidden in the form of inflation. The federal goverment is coming close to bumping up against the current debt ceiling at $7.38 trillion dollars. The Treasury Secretary wants another increase in the limit to $8.18 trillion. Does this bother anyone else out there? The next time Republicans talk about how we are the party of smaller government, I'm just going to point to the national debt scoreboard like I would as when I'm at a ballgame telling my opponent to look at the game scoreboard, because it never lies. I hope my representative John Campbell votes against this idea. If we as a party really care about smaller government, we will actually follow through on our words.

This all gets back to my point of our nation needing to get back to a commodity backed monetary system like the gold standard. I do my small part by being an associate of the Liberty Dollar. It is a private legal currency that is 100% backed up by silver & gold. I spend them all over town where I shop & eat.


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