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

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Published on Sep 5, 2009

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=wjK5XF...

...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=5jk5PH...


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


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

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

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

U.S. Senate, August 7, 2009

TRANSCRIPT
http://www.c-spanarchives.org/congres...

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.

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