Posted on 12/28/2024 7:08:41 AM PST by george76
The US taxpayer has suffered a double whammy under The Federal government. First, thanks to the Federal Reserve, the purchasing power of the US Dollar has fallen 97% since the creation of The Federal Reserve in 1913 (under Woody Wilson).
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The second leg of the double whammy is the staggering $36 TRILLION is public debt, up from $321 million in 1966. That is a remarkable increase, most of it happening under Obama/Biden then Biden/Harris or 188% since Biden/Harris. Yes, Trump is sanwiched in between Obama and Biden for a scant 4 years.
While we love to blame Presidents, it is really the fault of Congress since The House controls the budget. And The Federal Reserve.
Double whammy!
National debt = over $ 222 Trillion. = US federal debt plus the states and local debt..
And tell me again why BRICS is growing like a weed!
This idiot says the public debt in 1966 was $321 million? He’s only off by 1000x. How do such dumbasses keep their jobs when they lack the ability to grasp basic facts?
Another goofy article for our enjoyment.
probably a typo, substituting an m for a b.
And oddly enough, the entire growth of the national debt is fault of Congress, which authorizes the spending and has the Treasury fund it by selling new bonds.
The usual band of clowns obsessed with the Fed can’t even figure out where the blame lies.
We the People fail to hold our elected officials accountable to be good stewards of our nation’s valuable resources, industry and labor.
Someone mentioned that we love to blame presidents , but that Congress is at fault.
Doesn’t the president have to sign budget laws? So while spending originates in the House of Representatives, doesn’t the president eventually have to sign the law that authorizes that spending?
Or looking at another way, isn’t there shared blame ,,and enough blame to go around for this financial mess?
The assumption is that the Fed caused this loss in purchasing power. That’s far too simplistic an explanation. The link between the Fed and the amount of debt is even more tenuous. I wonder what would happen if any new spending by Congress had to be accompanied by a statement of where the money is going to come from for the new program. New taxes? Reduced spending on program X to fund new program Y? To Congress, more spending is viewed as the ticket to re-election and there’s no cost to them to write new spending bills.
From 1891 until 1913, the inflation rate was only about 5% or about 0.04% per year. And with the industrial age, many things became cheaper to purchase.
And the JEWS said, give us a king. I am NOT anti-semitic, but would want the Jews to repent for rejecting God’s rule and placing this awful, permanent of government on our backs. The Jews ARE responsible for the beginning of human government for believers when God was doing a perfect job.
The Fed is s buyer of T-bonds. With ‘money’ created out of thin air. Therein lies the problem.
I calculated wrong. The inflation rate for those 122 years was -5.05%
Ok, which country has NOT lost purchasing power since they established their equivalent of our Federal Reserve?
Book -— “The Creature From Jekyll Island”
by G.Edward Griffin
A summary of the book here:
https://www.hustleescape.com/book-summary-creature-from-jekyll-island-by-edward-griffin/
I am glad to see anti-Fed and anti printed, fiat money articles on FR
Few realize it, but printed, fiat money and the massive debt it allows (indeed, requires), spread through the hands of government and its cronies, is at the root of ALL of our political and social problems.
Couple other insightful locations re: the Fed.
Ron Paul on ending the Fed
https://youtu.be/ms7wtOxXabk
Info on Austrian economics
https://mises.org/
Thank you
I was looking at the inflation calculator yesterday. A dime in 1965 had the same purchasing power as a dollar today. 1000% inflation in 60 years.
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