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QUOTATION: People often say that, in a democracy, decisions are made by a majority of the people. Of course, that is not true. Decisions are made by a majority of those who make themselves heard and who vote - a very different thing. - Walter H. Judd
2004-09-13 - 9:20 a.m.
TO WHOM DO WE OWE FEDERAL GOVERNMENT DEBT?
And did you know that the We is WE THE PEOPLE?
All this time I’ve thought Ed and I just owed the balance of the mortgage on our home and a few insignificant bills. Now I find out that we owe another $50,000, $12,000 of which is federal debt to foreign interests. And I guess another $38,000 of the National Debt – not sure to whom we owe that – bonds that will eventually come due, I suppose...and the Social Security account? I’d never thought about the federal debt in exactly that way before, had you?
I just read Michael Hodges’ Grandfather Economic Report to expand upon what Mark wrote in his e-mails. Of course, then I wondered “Just who is this Michael Hodges?” Dr. Milton Friedman, Nobel Prize winner for excellence in economics, wrote in various letters to Michael Hodges: "I certainly commend you for the Grandfather Economic Report, and for the imaginative way in which you have displayed data highly relevant to very important issues. I am impressed. The analyses are excellent. Your objectives are ones I fully endorse.”
Who was the idiot that said about debt, "We owe it to ourselves, so it’s no big deal if debt goes up."
We still haven’t paid off the debt from the Vietnam War. It was only during the Clinton Administration that we ran this country with a budget surplus – that doesn’t mean we’d paid off the debt we’ve been running up over the years. It merely means we’d been living within our means during those years and had a bit left over.
This cartoon summarizes rather well what is happening right now – just substitute Iraq for Vietnam on the fur stole of the voluptuous young lady. Urban needs still look very much the same – barefoot, ragged and unkempt.
Republicans were always supposed to be fiscal conservatives - what went wrong? Maybe John Kerry needs to bring out the flip-charts ala Ross Perot to demonstrate and make clear our fiscal position and the need for some reforms.