Hundred Power

When the spigot of bailout money opens, few in Congress point where this money is coming from. Everyone knows it’s borrowed. However, virtually no one whomsoever brings up the subject of paying off the debt they’re creating.

The famous economist John Maynard Keynes proposed a scheme whereby government would “stimulate” the economy with deficit spending in bad times. Such money would have to come from borrowing money or tapping rainy-day reserves. His counter-balance is to raise taxes in the good times to pay off the government loans and/or rebuild the rainy-day fund. When the government wants to spend money, the members of Congress all become Keynesians. BUT . . . the Keynes theory of raising taxes to pay off the debt has always been totally and completely ignored.

The total U.S. federal debt has passed the $10 trillion mark. That’s
$33,000 per resident. Allocated just to the people who work, that’s closer to $60,000 per worker.

The latest “stimulus” proposal is to give billions and billions to General Motors. Speaker Pelosi said GM would have to show what it would do with that money. She said, “Until they show us a plan, we can’t show them the money.”

To Speaker of the House Pelosi, and all the rest of the members of
Congress, I say, “Show the American people the plan to borrow that money today and pay off the loan in the future.”