Government ‘Can’t Continue To Exist’ With This ‘Irresponsible’ Federal Spending, Boeh

[bobbyw24]

Capitol Hill (CNSNews.com) – While Congress has voted to raise the national debt ceiling to $12.4 trillion, the Government Accountability Office (GAO) has reported that the federal government’s unfunded liabilities – the costs of promised benefits through Social Security, Medicare, Medicaid, and several other programs – total $62.9 trillion in today’s dollars.

When asked about these costs and the government’s entitlement promises to the American people, House Minority Leader John Boehner (R-Ohio) told CNSNews.com that it is “irresponsible” for the federal government to continue to spend money it does not have and that this issue will be the “most important thing” Congress will discuss next year.

“I said on the floor last night, American families can’t spend more than what they bring in for 36 of the last 40 years,” Boehner told CNSNews.com at his weekly briefing. “No business in America can exist that spends more than it brings in for 36 of the last 40 years, and certainly, our government can’t continue to exist if we continue to spend money that we don’t have.”

“This is irresponsible,” he said. “There needs to be a plan put in place that will bring our budget under control and in the green, and we need to find a way to begin paying down the national debt.

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http://cnsnews.com/news/article/58746

[Austrian Econ Disciple]

Hey Boner listen to Ron Paul, Peter Schiff, and Lew Rockwell. There's your way.

[awake]

Moral and Political Effects of Inflation

"Worse than the immediate economic consequences of inflation are its attendant moral and political dangers.

It has been asserted that Nazism is the fruit of the vast German inflation of 1923. That is not quite correct. It would be more correct to say that the great inflation and the Nazi scourge both derived from the mentalities and the doctrines that long dominated German public opinion. The State, which the German socialist Ferdinand Lassalle had already proclaimed as god, was supposed to be able to achieve anything. The omnipotent State was credited with the magic power of unlimited spending without any burden on the citizenry. Money, said the German "monetary cranks," is a creature of the State; there is no harm in issuing infinite quantities of paper currency."

".... inflation, however, shakes the foundations of a country's social structure. The millions who see themselves deprived of security and well-being become desperate. The realization that they have lost all or most all of what they had set aside for a rainy day radicalizes their entire outlook. They tend to fall easy prey to adventurers aiming at dictatorship, and to charlatans offering patent-medicine solutions. The sight of some people profiteering while the rest suffer infuriates them. The effect of such an experience is especially strong among the youth. They learn to live in the present and scorn those who try to teach them "old-fashioned" morality and thrift." - Mises