EagleTribune.com, North Andover, MA

Opinion

July 29, 2013

Letter: Our fiscal madness needs to stop

To the editor:

I am asking everyone to put political and all other factors that have divided this great nation aside and open up the national debt clock (www.usdebtclock.org), a real-time balance sheet as to the real state of our economy. Just some highlights. As of July 25, rounded to the nearest trillion, billion or million, the national debt is $16.9 trillion. Our total unfunded liabilities are $125 trillion. The national debt is climbing at a rate of $600,000 per minute or $840 million per day.

Stop! Are you as sick to your stomach as I am? Just a few other things I noticed: There are 50 million people living in poverty, 48 million people collecting food stamps, and 114 million taxpayers.

The United States has the highest corporate tax rates in the world. In response, companies have been moving their manufacturing operations overseas, so, our government added an additional tax on any funds sent back here from overseas to their corporate offices. Since 2007, thousands of companies have sold their businesses to foreign interests.

Let Detroit be a warning for the whole country. It is a microcosm of the national debt clock. Massive debt, political corruption and most importantly, asking people with money, to borrow Obama’s exact phrase, to keep paying their fair share. In this futile effort to keep pace with the massive debt, the unintended consequence is ultimately they felt compelled to exercise the one right they have left, namely, shop with their feet and go elsewhere. An accountant would say the United States is bankrupt, so liquidate your assets, which, has been and continues to happen simply because those that can, do.

In 1913, the Federal Reserve Act was enacted in direct violation of the Constitution. It gave a private banking enterprise the sole authority to print paper money, which is nothing more than a note that we all pay interest on. What do we get in turn for the privilege of renting this money? Nothing, like the government itself, the Federal Reserve produces nothing tangible or of any value, yet we accept that part of everything we work for and produce goes to them. Coincidentally, in 1913, the income tax system began, seemingly by design to pay for the interest on all the notes.

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