I want to ask you a question — and I hope you’ll answer it as honestly as you can.
Let’s say you have a neighbor who earns ten thousand dollars a year; this is his total income. But, instead of spending ten thousand dollars a year (or even a little less, and saving some for the future), let’s say this neighbor of yours spends fifteen thousand a year. He does this by borrowing more money than he can pay back.
And then, let’s say he’s not happy spending more than he’s earning, but he starts giving money away — to people up and down the street — who will probably never even think of paying it back. What would you call this man? Would you call him crazy? Would you try to explain to him that if you keep spending and giving away more money than you earn, it can only end in complete ruin? Of course you would.
Well then, tell him! Tell your congressman!
Because that’s exactly what the United States has been doing for far too long, and we’ve got to put a stop to it — and right now. And when I say we’ve got to put a stop to it, I mean you and I have to do it. And if we don’t do it, nobody will!
Mr. William L. McGrath, Chairman of the Board of the Williamson Company of Cincinnati, appeared on the Manion Forum Network some time back and gave one of the best explanations of our insane national fiscal policy I’ve ever heard.
He said, “It’s strange how gullible the American people have been.
“The politicians have succeeded in persuading us that when they take our money away from us and then give it back to us, we’re getting something for nothing. Of course, we get nothing back except what we have already paid in. Minus a commission charged by the Government for handling the deal; a sort of brokerage fee. Politically, this system has been so successful that the country embarked upon a gigantic spending spree. Both of our political parties supported the idea.
“Pretty soon, Government was spending so much money that taxes couldn’t possibly cover the amount. But that didn’t stop people in government. They said: ‘Oh, we’ll just borrow the money.’ And so Uncle Sam has kept right on borrowing money to spend — until now our national government, in bonded debt alone, has the astounding total of almost 290 billion dollars. (In 2019, our national debt hit 22 trillion dollars.)
“As Government kept pouring out more and more money, dollars became cheaper — the way anything does when too much of it is thrown on the market. So we had inflation.
“But what was the Government’s answer to this? Spend more money!
“By that time, we weren’t content just to spend money — we decided to give it away. In the post-war period, United States taxpayers have shelled out, just up to September of 1960, 80.8 billion dollars in various forms of aid to other countries.
“The only way in which we can protect the value of our money and maintain our national integrity (and save the last best hope of earth, I might add) is to stop the spending and give-away spree upon which our country has been embarked for so many years.
“I say that we must stop giving away, and spending, more money than we’ve got.
“Where can we start? Well, here are some things we can do right away — with your help. Cut down on so-called foreign aid; we could save billions a year here. Get foreign nations to speed up repayment of money they still owe us from World War II. Try to get more foreigners to travel over here and spend their money here…”
And work to produce better goods, at lower cost! But, above all, put a halt on government spending. That’s our money they’re throwing around like so much confetti!
Any child knows that if you keep spending more than you’ve got, it can only end in total insolvency and impossible debts.
Write your congressman and your senator — and tell them — otherwise, they might never figure it out!