AMERICA'S OBSCENE DEBT

Spending by the federal government has to stop.

In the third quarter of 2010, the federal government sold $391,000,000,000.00 (that's right, 391 Billion dollars) of Treasury Bonds. These new obligations, included along with all the other debts of Washington, now put the total of the American government debt at just over $13.85 Trillion.

Of the above said third quarter bond sales, just over 60% of these transactions, which was in itself $245,000,000,000.00, were made with the "rest of the world". This is the manner in which B. H. Obama has decreed that Washington will try to hide from the American public that we are slipping further into debt to foreign nations and entities. Confirming this fear is easy in that another agency of the federal government has disclosed that as of the end of the September 2010 reporting period our government owed Communist China $883.5 Billion and Japan $860.0 Billion.

This debt to Communist China is at its highest level since April of 2010 and the American government's obligation to Japan is $100.0 Billion higher than it was at this time last year. Currently, foreign governments and foreign entities own 47% of the total of financial obligations of our federal government.

Obama's plans for the next 6 months will worsen this debt problem. Remember that he wants to issue at least $600.0 Billion in new Treasury Bonds for the funding of another "boost" in our economy. The buyer of these bonds has already been determined and it will be the federal government. Purchase will be easy since Obama has also directed that an extra $6oo.o Billion in US dollars be printed so that one federal agency can merely hand to another this huge amount of money.

Simply stated, this is a financial fraud that may well lead to inflation and a devaluation of the US dollar.

The solution is easy but the ramifications hard. Congress has to stop all but the most necessary of government spending. The liberal/socialist/progressives must be stymied in their efforts to renew and expand government programs. Most importantly, the citizens of America have to learn to exist without handouts from Washington.

Certainly there will be some financial difficulty for a huge number of our citizens but American resourcefulness can prevail and America can again be a financially independent nation.