Balanced Budget

Entitlements & Handouts: A Nation of Addicts

Imagine yourself a half million dollars in debt. You don't have the option of declaring bankrupty. What do you do? ... At this rate, by the year 2003, three-quarters of all federal spending will be "mandatory" - can't cut it. Yet we'll be much deeper in debt. So guess what's going to happen to the other one-quarter.

Howard Phillips Interview on the nationally syndicated Ollie North Show on the Common Sense Radio Network on September 27, 1996

... But here's going to be the trigger, Ollie. We're headed for an economic collapse of historic proportions. Last year, we paid $345 billion dollars in interest on a $5 trillion dollar debt.

Neither party is prepared to even roll back spending, even freeze spending, let alone to slash it. They talk about balancing the budget in the year 2003 and they balance it by stealing money every year from the Social Security trust fund and raising revenues, increasing the amount. The dollar has been propped up because it is the reserve currency of the world. Central banks all over the world treat the dollar as if it were almost gold. Drug dealers in Columbia, black marketeers in Moscow, have dollars under their pillow because they like bucks better than they like rubles or pesos.

But when the Euro (dollar) comes on line, if the central banks drop the dollar, all of those extra dollars the Fed has printed are coming home. We're going to have a massive hyper-inflationary depression and the very legitimacy of our political systems is going to be at risk. There's going to be big change, and people are going to be looking for something new.