Congress is deceiving the American people about the federal budget: Bill White

Yahoo Finance ^

[Red in Blue PA]

Bill White, former mayor of Houston, believes that our country has veered way off course with our federal debt.

“For 90% of our country’s history, we only borrowed for extraordinary purposes…to wage war, plug holes during severe downturns or to acquire territory,” says White in the video above. He argues that borrowing money to keep the government functioning normally is deceitful and goes against the “fiscal constitution” that our forefathers created.

[Red in Blue PA]

Our per capita debt is higher than Greece. The only reason we are no collapsing like they did is because we can print our own money.

But that will not last forever before people (other countries) begin to question that.

[Starboard]

But that will not last forever before people (other countries) begin to question that.

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That’s already starting to happen. China has scaled back on purchases of treasuries and several countries are working on agreements to bypass the dollar.

[napscoordinator]

We hardly owe China or Japan our debt. Our biggest debtors is ourselves. We are screwing ourselves believe it or not.

[Red in Blue PA]

I don’t see how that makes any difference.

If you change from writing IOU’s to the guy down the street to someone in your house, they are still IOU’s which need to be repaid.

[PubliusMM]

“...they are still IOU’s which need to be repaid.”

Repaid? These debts will NEVER be repaid. There will never be a reconciliation that provides equivalent value in exchange for these IOU’s.
At best, they will be ‘repaid’ with devalued currency that will effectively represent only pennies on the dollar.

[Red in Blue PA]

Never repaid? They why bother with the pretense at all?

[BrewingFrog]

Bill White is a rat, and a rather crooked one at that. He was a ghastly mayor, leaving Houston saddled with a red light camera mess that he received a whopping bonus for signing just minutes before exiting his Office.

[PubliusMM]

Good question, Red...