DEBT IS THE REAL PANDEMIC
Republicans will likely once again discover that deficits do matter, especially if Democrats also gain control of the Senate. Government spending forcibly takes resources from the private sector, where they are used to produce goods and services desired by consumers, and puts them in the hands of politicians and bureaucrats. This distorts the market, reducing efficiency and lowering the people’s standard of living. This, combined with pressure to monetize the federal debt, causes the Federal Reserve to pump money into the economy – leading to a boom-bust business cycle. Unless Congress begins reducing spending, the coming economic crisis will be even worse. The logical place to start cutting spending is ending all unnecessary overseas commitments, terminating corporate welfare, and shutting down all unconstitutional federal agencies – starting with the Department of Education. The savings from these cuts can be used to start paying down debt and providing for those truly dependent on the current system while we transition away from the welfare state. Private charities, including ones run by religious organizations, are better than government bureaucracies at providing effective and compassionate aid to those in need. Most politicians will not vote to curtail the welfare-warfare state unless their constituents demand it. The people will not demand an end to big government as long as so many believe that the government has a moral
Unless Congress begins reducing spending, the coming economic crisis will be even worse.
responsibility to, and is capable of, providing them with economic and personal security. Therefore, our priority must be getting people to reject the entitlement mentality and embrace the philosophy of liberty and personal responsibility. This will enable us to build a movement capable of convincing politicians to stop voting for more spending and debt and instead vote to respect the Constitutional limitations on government in all areas. Dr. Ron Paul is a former member of Congress and former presidential candidate. While in Washington, D.C., he was one of the few voices advocating for limited government, individual liberty, and sound fiscal principles. He is the author of the No. 1 New York Times best-selling books The Revolution: A Manifesto and End the Fed . This article originally appeared at the Ron Paul Institute for Peace and Prosperity. Copyright © 2020 by Ron Paul Institute.
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October 2020
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