July 22, 2024

THE STAND

Subject: THE ECONOMY

THE DEBT

IT’S THE ECONOMY, STUPID!

Those were the famous words of [political strategist James Carville directed at] former president Bill Clinton when asked what the most important issue was in Presidential Election 1992.

Clinton was right, at least about that one thing. Nothing works, everything breaks down if the economy doesn’t work and it breaks down. And the American economy is breaking down, slowly but surely. When an economic crisis occurs, or a collapse occurs, no entity, no family, no individual can function normally, and everything breaks down and even grinds to a halt.

Our scriptures tell us to:

OWE NO MAN NOTHING!

Nothing, that is, that cannot be repaid with current monies. But inflation, the insidious rising of prices, produces a lack of affordability which is even now affecting lower income Americans who cannot purchase, in some cases, even basic necessities. Inflation is the artificial rise of prices without necessarily economic justification. Inflation produces monetary crisis and virtually the end of free nations when it finally produces economic crisis. Said one economist:

“THE NATIONAL DEBT CRISIS IS COMING!”

And perhaps the beginning of that crisis is already here.

No matter, our Federal Government continues to spend, more so every day, with impunity and without consequence. Higher prices occur from regulation, serious regulation. Because of that spending, higher taxes are necessary to raise the revenue needed to pay back debt, old and new.

But, no matter, says our Federal Government, the Biden Administration, America will never run out of money because we will simply print more. The dollar is our currency, we control it, and if we need more money to pay debt, we can and we will make that happen. The result, of course, is even more inflation, less value to the dollar, and more dollars required to buy goods and services. That is inflation and debt run rampant.

What’s up with Wall Street economists?

Predicting the future is tough, but why make faulty predictions about the past? Nobel laureates and top economists believe Biden > Trump in handling inflation, debt & interest rates.

Both have been President; numbers don’t lie! 📈 pic.twitter.com/VhemhQOLTs

— Stephen Moore (@StephenMoore) July 19, 2024

If we the people were STUPID (Bill Clinton), economically stupid, then our Federal Government is far more stupid as it incurs far more debt, caring little or nothing about repayment. The American debt which WE THE PEOPLE (not the government) owe is now at or about real dollars 35 trillion. That debt is projected to rise in the next decade to 55 trillion dollars which will mean that every American citizen will owe as much as $200,000 for debt repayment. The amount of the debt principal and interest is projected to rise to almost 130%, more than the gross domestic product (GDP) in its entirety. More dollars will be printed, inflation will continue to rise in rampant, uncontrollable ways, and prices of everything, EVERYTHING will rise to absolutely brutal and unaffordable levels. That debt will, as economist Gerald Seib so well said, will indeed:

SINK THE AMERICAN EMPIRE.

Economists warn us that Medicare and Social Security costs and obligations are simply totally out of control. They are now federal debt obligations, massive in size and growing every day. In the next decade, one out of five American citizens will be at retirement age, 65 or older, heavily if not entirely dependent upon Medicare and Social Security and both programs will in real economic terms be bankrupt, without reserve (all reserves have been spent by Congress) and in need of that new paper money which Congress can authorize and print which will raise prices, lifestyle costs, and the standard of living to totally unsustainable levels.

Every individual and household will need to earn more money and depend even more so on Federal and State Governments for economic assistance. But, these economic conditions will actually result in even lower wages, not higher. Employment and the family will be in a state of total disruption and a certain chaos will reign.

Unemployment in America, like in 1929 and the Great Depression, will be at an alltime high. Credit ratings will be worse than ever. Individuals will find it virtually impossible to borrow and credit cards will become obsolete or unusable. There will be, says Seib, massive defaults in mortgages, investments, even such items as automobiles and other kinds of lesser financing now taken for granted. Buying on credit will be almost impossible.

In this coming economic crisis, so many economists say, there will be higher interest rates for everything, not only higher but absolutely unaffordable. There was a time once in the American economy, some 30 years ago, when interest rates rose to almost 20%, but even that ridiculously high interest rate will be far exceeded, say these economists, when the new and perhaps final American debt crisis arises. And again, the only solution will be some cut-back in spending, especially with social programs, including defense and education, the printing of more, cheap, and meaningless money to pay debt, or the insolvency and bankruptcy of virtually everything. These conditions, say these economists, are not scare-tactics, predicted by naysayers, but have already started, and they will become the new reality, THE NEW NORMAL!

Our Federal Government will default on virtually every obligation, every debt and payment it must make. The dollar, now the standard for much of the world’s currency and economic foundation, will be greatly devalued, if not meaningless. We will in fact default to nations like China who control so much of the American debt, unless we can persuade other nations to refinance, accept payments in wildly inflated American currency, or simply endure the nonpayment and further endure the world chaos that will cause. That will be the end of the American nation, like it was with Rome of old, and France in the late 1700’s, and Germany in the 1930’s, a Germany which eventually produced such civil and economic chaos and unrest, the maniac Hitler, the dictator and world destroyer, was the ultimate outcome. They predict, these economists do, that there will be civil unrest, revolution like never before, chaos and total disruption of lifestyle, and the end of everything, THE END!

All or some of that may occur even as soon as the next decade, so they predict. ☠️

It seems as though WE THE PEOPLE care little. We seem to do nothing. Unless any or all of these conditions directly affect us, we the People, our families and lifestyles, we seem to do little but talk, vote the best way we can, but watch as our great country sinks every day deeper and deeper in debt. Trump says no new taxes, but they may be necessary to correct the borrowing-spending habits of past governments. Biden says new taxes and especially taxes on the wealthy.

Neither approach is the answer.

The only answer is to stop spending, cut spending, endure hardships in many areas of our governmental support and do it now or eventually there will be no such support. Wake up Americans, WAKE UP! No matter who you are, Christian, conservative, atheist, liberal, woke, even anti-American as it now is:

WAKE UP!

Face the realities of this here and now, and coming like a hurricane, economic crisis, which indeed will SINK THE AMERICAN EMPIRE. No matter how we live or how busy we are, we better work now, all of us, to solve these problems or it will be the absolute end of our beloved America. Founding Father Benjamin Franklin told us that we had, as far back as 1776, a new republic, a way of life like nothing else in the world or in history, a new republic:

IF WE CAN KEEP IT!

We now do one terrible economic job in keeping that republic, and the way things are, we will in fact lose it. Perhaps we have one last chance in the next several years to save it, to keep it. But, that depends on:

YOU.

Are you willing to do what is required to save America, are you willing to sacrifice, at least to some extent, will you do what is right and necessary in order to save this beloved country and the lifestyle you enjoy, are you so willing?

NOW OR NEVER!