Jeff Sessions quotes Ron Paul on the Deficit: "We Cannot Borrow our Way to Prosperity" [2~2]

Although he didn't know it was Ron Paul who said so, one Alabamian told him at a townhall meeting (LOL!!!). Somebody please forward a copy of "End The Fed" to Mr. Sessions.

Bottom line in this interesting speech:
"We need China to keep purchasing our treasury bills..., they want Treasury Inflation-Protected Securities (TIPS)"

It's all about the TIPS baby
http://www.youtube.com/watch?v=wjK5XFUrRvE

...but TIPS won't save the system from hyperinflation (end of the clip), like throwing gasoline into the fire?
http://www.youtube.com/watch?v=5jk5PHXQY2k


Oh, and Harry Reid, of course, America's #1 twit, just for the laugh.

Jeff Sessions quotes Ron Paul on the Deficit [1~2]
http://www.youtube.com/watch?v=kEmiPA8nz6U
Jeff Sessions quotes Ron Paul on the Deficit [2~2]
http://www.youtube.com/watch?v=fnyjGBTodB8


Communist China Army Parade
http://www.youtube.com/watch?v=zkKXy_0eO6I

He's Barack Obama
http://www.youtube.com/watch?v=kVFdAJRVm94

---------------------------------------------

U.S. Senate, August 7, 2009

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=9028690

Harry Reid [D-NV]: Today, the July unemployment numbers have been reported. They paint a much better picture than was anticipated. It was anticipated that 340,000 jobs would be lost, and that is not the case. The case is that over 200,000 jobs have been lost--a terribly large number but certainly much better than anyone ever anticipated.
(...)


Jeff Sessions [R-AL]: Mr. President, before we leave for our August recess, I think it is good to maintain our watch on what is happening in the financial markets. I have reported on these matters several times this year because I think it is something we have to talk about. The reason we have to talk about it is because the United States is borrowing more money this year than any year in the history of the American Republic. It dwarfs anything we have ever done before, and it is an action that has consequences.

We cannot borrow dramatically without having consequences occur, just as they do in our families.

If your family goes more into debt, you are burdened with high interest rate payments that produce nothing but are monies you expend because you borrowed money. That is what interest is. It does not do you any good. It is a painful thing for no immediate benefit. The benefit comes when you borrowed it and bought something with it, but in the long run you carry that interest unless you pay the debt off in the future.

The problem this country has is that according to the President's own budget, in the next 10 years we have no plans whatsoever to pay down any debt. In fact, the debt is surging in the outyears. Growing the deficit for each annual accounting will increase in the outyears. So we are in an unsustainable rate of spending in America. We have heard those phrases, and ``unsustainable'' means just that: We can't keep it up in this fashion.

I will put this chart up that is not disputed by anybody who has been involved in the process. It represents what the Congressional Budget Office--a nonpartisan group, but in truth it is hired by the Democratic majority here in the Congress, in the Senate--has scored the President's budget and what it will mean for us in terms of debt over the next 10 years. It is a 10-year budget, and we are supposed to look out into those years.

(...)

So in 2009, it is projected that the interest on our debt will be $170 billion. Well, the entire Federal education budget--what, $100 billion--the entire Federal highway budget prior to this stimulus package, at least, was $40 billion. So $170 billion goes out in interest to people all over the world and in the United States who have bought Treasury bills, including foreign countries such as the Arab countries who have so much of the American dollars because we buy their oil, and China, we buy their products and they have American dollars, and they have been buying our Treasury bills.
(...)

This is serious. We are going to have to recognize we cannot spend our way out of it. We cannot borrow our way to prosperity, as one Alabamian told me at a townhall meeting.

Category:

News & Politics

Tags:

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[popoIaman]

america needs to make its own type of currency and abolish the feds currency

[cmstyz]

So - what is he going to do about it?

"We" haven't authorized that you borrow the money - YOU have. You've stolen from us and so many of you act like we're supposed to like it.

The majority of us did not want the bailout or the "stimulus"

We didn't want Cap and Trade and we don't want the health care "reform" either. We know what they are.

As far as I'm concerned none of you have any authority to do anything until you pass HR 1207/S 604 (unaltered and not stapled to some other bill)

[ThePappy61]

i dont think our leaders know how to run a country ,..

[brad238899]

Quote from Jeff Sessions: "Some people in this chamber love the Constitution more than they love the safety of this nation." - (Jeff Sessions) During the debate on the FISA Amendments Act of 2007, December 17, 2007 We need to get rid of this guy.

[cliffy827]

Seems to me the Fed is now like one of those Payday Loan places.

[rmccay88]

I live in Alabama and I can honestly say he is one of the few people in government looking our for the folks along with Ron Paul. He's also outspoken like Paul which is another reason I like him. Most Republicans have no kahunas.

[Ebdan88]

For thoes of us who dont live in America but have Interest in it and we mean that most of your peoblems are from your Old enemies.

It really is hard to understand what all these MEN doing in the Congress. They have Power if they give hand like MEN to each other, but they just talk, and talk....!?

and look at some of the Comments !? I am shore, that they are not people, Computers or payed to write BOLLSHEET !!

[G7130]

It's cool how there is like no one in the room.

[AlexIsonSanders]

cool end. was that supposed to make us afraid of china wen they fuck us hard this coming year....

[MyWeeklyIncome]

cool video

[M3minusGrowth]

The new $3.4 billion building for our Fascist "Homeland Security" is from borrowing.

[mikelunz]

The question is, what kind of change? I do not feel like the government is getting any smaller. George Bush Jr. made the thing bigger, and it feels like Obama is doing the same. When will we get real freedom, the kind where the government is not allowed to interfere with our personal lives?????????? We have the Patriot Act which is pretty fascist, and HR 3200 which is a bit socialist... the combination of the two is just ridiculous. I say we dissolve both, and kick everyone out of office!!!!