casual analysis of the world economy shows it rapidly deteriorating
into recession, with a possible depression on the horizon. Unemployment
is sharply rising with price inflation rampant, despite official government
inflationary reports. The world’s stock markets continue to collapse,
even after trillions of dollars in losses have been recorded in the
past 2 years. These losses already have set historic records.
revenues shrinking at all levels, we find deficits exploding. Our national
debt is currently rising at $450 billion per year. Confidence in corporate
America has shrunk to levels usually reserved for governments alone.
spending in all areas is skyrocketing, much of it out of the control
of the politicians, who show little concern. Yet we are expected to
believe our government leaders who say that we are experiencing a recovery
and that a return to grand prosperity is just around the corner. The
absence of capital formation, savings, and corporate profits are totally
abounds that our $350 billion DOD budget and the $40 billion spent on
intelligence gathering and our immigration policies have failed miserably
in protecting our homeland. In spite of the rhetoric and new legislation
attacking our civil liberties, we are as vulnerable to outside attack
is drastically smaller than a decade ago, and we are spread around the
world and involved in world conflicts more than we have ever been before.
run a huge current account deficit for 15 years and massively expanded
our money supply. No one should be surprised that the dollar is weakening
and the commodity, natural resources, and precious metal prices are
are over $31 a barrel, and predictions are that they can easily go up
another $15 to $20 if international tensions grow.
only talk here in the nation’s capitol is about when, not if, we must
initiate a war that even the administration admits could cost $200 billion.
Some are not even embarrassed to gloat about the political benefits
for those who preach war over those who prefer negotiations, diplomacy
and containment. The fact that the Arab nations are overwhelmingly opposed
to an attack on Iraq and are joined by the European Community is of
no concern to those who demand war regardless of any circumstance.
percent of the American people now report that they believe that a war
with Iraq will increase the chances of our suffering from a new terrorist
attack. If this is true, we become less secure with an attack on Iraq,
since little has been done to correct the deficiencies in the intelligence
gathering agencies and our immigration policies.
evidence has been produced that Iraq has or is close to having nuclear
weapons. No evidence exists to show that Iraq harbors al Qaeda terrorists.
Quite to the contrary, experts on this region recognize Hussein as an
enemy of the al Qaeda and a foe to Islamic fundamentalism. Many other
nations pose much greater threats to world peace. Yet no one is clamoring
for war against them. Saddam Hussein is now weaker than ever.
are now appearing that we are negotiating with allies to share in the
oil bounty once Iraq is occupied in order to get support for our invasion
from various countries around the world.
debt is over $6 trillion and is increasing by nearly half a trillion
dollars a year. Since Social Security funds are all placed in the general
revenues and spent and all funds are fungible, honest accounting, of
which there has been a shortage lately, dictates that a $200 billion
war must jeopardize Social Security funding. This is something the American
people deserve to know.
there are limits to borrowing and taxing, but no limits to the Fed printing
money to cover our deficit, we can be assured this will occur. This
guarantees that Social Security checks will never stop coming, but it
also guarantees that the dollars that all retired people receive will
buy less. We have already seen this happening in providing medical services.
A cheap dollar; that is, an inflated dollar, is a sinister and deceitful
way of cutting benefits.
a $200 billion hit on the economy will have economic consequences, and
the elderly retirees on fixed incomes, and especially Social Security
beneficiaries, will suffer the greatest burden of policy, reflecting
a belief that our country is so rich that it can afford both guns and
butter. Remember, we have tried that before.
The tragedy is that once the flaw in policy is discovered, it is too
late to prevent the pain and suffering, and only finger pointing occurs.
Now is the only time we can give serious attention to the true cost
of assuming the burden of an endless task of being the world’s policeman
and starting wars that have nothing to do with defense or national security.
suffering from recession can ill afford a foreign policy that encourages
unnecessary military action that will run up huge deficits. Congress
ought to pause a moment, and carefully contemplate the consequences
of the decisions we are about to make in the coming days.