Tuesday, August 26, 2008

Government Debt -- mofb #3

Since so many questions on the Missouri Farm Bureau candidates' questionnaire related to specific appropriations requested by the Farm Bureau, I took a question from p. 6 of the questionnaire and put it closer to the top. I comes from the section labled:

Tax and Fiscal Policy

5. What are your thoughts on the current federal budget deficit? Are additional measures warranted to reduce the deficit?

On this webpage I have links to reports from two branches of the Federal Reserve:


One report is entitled, “Is the United States Bankrupt?” The answer is yes. Another report gives the latest numbers. They are truly terrifying.

If the Missouri Farm Bureau endorses the incumbent Congressman, the Bureau endorses the policies of bankruptcy. This would be utterly irresponsible. It borders on the criminal. To bring the Fed’s numbers down to size, the Farm Bureau would be endorsing the following candidate:

He tries to support a large family on a salary of $50,000 per year. But he doesn’t; each year he adds about $8,000 in credit card debt to a total that now stands at $150,000. He wants to “help the needy,” so he used the internet (eBay, PayPal, e-gold, and other services) to borrow $1,000 from 1,500 people, which he distributed rather indiscriminately to people who said they needed the money. The unsecured loans are legally collectable. Now he has a “green technology” scheme he wants you to “invest” in. He wants to spend money “helping Missouri Agriculture.”

The man described is, of course, the federal government, which racks up half a trillion dollars in relatively-low interest credit card debt every year, and has legal liabilities amounting to $330,000 for every man, woman and child in America, debts which he has no prospect of being able to pay.

The man obviously has an obsessive-compulsive disorder. You increase the pain he will one day suffer (along with those who come to depend on him) by feeding his delusions by asking for “appropriations” for infrastructure or inspections or anything else that might benefit agriculture in the short run, but destroys America in the long run.

The CFO of any private corporation who handled the company pension plan the way the government handles social security, and reported to his stockholders the way the federal government reports on its financial condition, would go to prison.

Not only should the Missouri Farm Bureau not endorse these policies, but it should take a lead in boldly repudiating them. The first step would be to endorse Kevin Craig rather than the incumbent and his 10-year track record of not looking past the next election.

List of mofb blog posts in this series

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