Excessive spending must be controlled

If you evaluate the current state of monetary and fiscal affairs, there are far too many people in influential positions, both public and private, who continue to remain reticent and complacent about the deficient spending that is being pursued to satisfy unrealistic budgets for local, state and national governments.

It’s a non-partisan issue.

Nationally, we have a federal government that is $20 trillion in debt and they continue with their irresponsible spending plans. It appears that we have entered into an era of compromised truth and abuse of power which has resulted in corruption without consequences.

This deficient spending mentality has also permeated its way into state governments, which, in most cases, boast about having a balanced budget at some point in time during the year but continue to deficit spend by floating bonds on future generations and continue to raise taxes on the working class.

And then there’s local governments who can’t raise enough funds to meet their budgets without increasing local taxes.

You can bet that the recent federal tax cuts are being viewed as a good time to raise state and local taxes.

History is full of examples of what happens to nations and people that continue down a path of printing more paper money, increasing taxes on the working class and expanding the nanny state for the non producers, all in the name of progress.

It appears that as long as the U.S. dollar remains the world’s cash reserve currency, the U.S. can simply continue to borrow and print more money, as required, to pay our debts.

And this is exactly what we are currently doing.

However, if the day comes when the dollar is no longer the world’s reserve currency, the debt bubble will burst, the dollar will be devalued substantially, and our standard of living will plummet.

History has shown that no country has prospered by expanding the money supply, by an order of magnitude, far beyond its GDP when one considers the negative balance of trade owned to other countries.

When I consider the percentage of active voters who are participating in our representative republic, this debt bubble appears irrelevant since a majority of our citizens don’t register and a majority of those registered don’t vote.

Is there a solution to this madness? I think there is, but it has to come from each one of us in whatever capacity we serve.

Remember Franklin’s response, as he left the Constitutional Convention, to those who asked he him: “What have you given us?”

And his response was; “We’ve given you a Representative Republic, not a Democracy, but a Representative Republic, if you can hold it.”

I believe this last election has demonstrated that the majority of those who voted rejected many congressional house and senate incumbents and candidates who pursued this liberal financial agenda.

Let us keep an eye on this new Congress in preparation for the 2018 mid-term elections.

Albert Einstein said it best: “The difference between brilliance and stupidity is that brilliance has its limit.”

Frank Fedeli