More than 800 tea party protests took place across the US yesterday. These give expression to the resentment of people at rising taxes and ballooning government expenditure. The Obama administration will quadruple the national deficit in one year. The Obama spending bill has 9,000 earmarks in it and will pump millions into funding of foreign abortions. Excessive borrowing is unsustainable. This powerful speech by Jim Hoft nicely encapsulates the problem faced by the US. It taps into the psyche of many that self-sufficiency rather than greater state involvement is the way forward. Indeed this speech could be delivered in many European countries, which face similar problems to the US.
Governments must learn to live within their means. Wasteful government expenditure must be eradicated. Voters in the US and Western Europe must learn to accept lower living standards. Unfortunately living standards are supported by massive borrowing splurges. The time has come to shout stop. Stimulus packages-funded by foreign borrowing- may give a temporary boost, but will quickly run out of steam if the economic fundamentals are not sound.
Their impact is similar to the effects of the quick fix on a drug addict.
Governments in the US and Western Europe must pursue sound fiscal and monetary policies over the short and long term. Quite frankly printing money is not the solution. Increasingly taxpayer revolts will become the norm if the massive government expenditure problem is not tackled. We must learn to live within our means. We cannot have the government services that we require unless the economy generates the financial resources to pay for these services. High levels of individual taxation stultify effort and are ultimately self -defeating.
Even the Russians and Chinese have learned this lesson.
Governments must learn to live within their means. Wasteful government expenditure must be eradicated. Voters in the US and Western Europe must learn to accept lower living standards. Unfortunately living standards are supported by massive borrowing splurges. The time has come to shout stop. Stimulus packages-funded by foreign borrowing- may give a temporary boost, but will quickly run out of steam if the economic fundamentals are not sound.
Their impact is similar to the effects of the quick fix on a drug addict.
Governments in the US and Western Europe must pursue sound fiscal and monetary policies over the short and long term. Quite frankly printing money is not the solution. Increasingly taxpayer revolts will become the norm if the massive government expenditure problem is not tackled. We must learn to live within our means. We cannot have the government services that we require unless the economy generates the financial resources to pay for these services. High levels of individual taxation stultify effort and are ultimately self -defeating.
Even the Russians and Chinese have learned this lesson.
1 comment:
Thom Hartmann might have missed the point when he suggested these demonstrations were inappropriately named. See The Real Boston Tea Party...Compared with the Greeks, the French, the Thais and other civilian protests that have been going on, Americans really did throw a tea-party yesterday
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