Best of the Week
Most Popular
1.Gold and Silver Inevitable Sentiment Reversal -John_Townsend
2.Stock Market Accelerates to Dow 15,105 New High - Fundamental Reasons Why -Nadeem_Walayat
3.The New Untouchables of the 21st Century - Raul_I_Meijer
4.Bank of England Celebrates 50 Months of Stealth Inflation Theft From Savers and Tax payers - Nadeem_Walayat
5.The Real Reason Gold Price Fell -Lawrence Roulston
6.Gold Gold Bugs and Stock Market Index Trend Forecasts - David_Petch
7.Dow, Gold and Jobs Up - The Fed’s Next Step! - Robert_M_Williams
8.Has the Great Gold Crash Divorced Bullion from Futures Prices? - Peter Krauth
9.Nigel Lawson Waits for Thatcher to Die Before Admitting He's Wrong on Europe - Nadeem_Walayat
10.Crash, Depression, Currency Wars . . . Trade Wars and then Real Wars - Video - Gerald Celente
Last 72 Hrs
Dow, FTSE, Stock Market Panic, Euphoria, Irrational Rally Continues, What I am Doing - 22nd May 13
Hot Money, Cold Credit - Misguided Monetary Policy - 21st May 13
Gold Stocks Investors Its Time To Be BRAVE! - 21st May 13
Economic Philosophy And The New Cycle - 21st May 13
Is This Obama's "Waterloo"? - 21st May 13 - Shah Gilani
Silver Price Recoups Sharp Loss, Rising on Record Volume - 21st May 13
Crash Proof Your Stocks Portfolio - Parallels to 1987 - 21st May 13
Gold Stocks Big Rally Forecast - 21st May 13
Gold Prices Dead Cat Bounce - 21st May 13
Resurgence of the Nuclear Reactor, The Coming Uranium Bull Market - 21st May 13
Inflation Is The Lifeblood Of A Healthy Economy - 21st May 13- I_M_Vronsky
Gold Market Motive, Means, and Opportunity - 21st May 13
Silver Surges From Lows After Being Slammed 10% Lower In 4 Minutes - 20th May 13
Stocks Go Long, Scandal! Keep 'Em Coming, Obama! - 20th May 13
The Feds Are Worried About the U.S. Dollar - 20th May 13
Keynesian Phrenology - Our Rulers Are Nutty as Well as Evil - 20th May 13
Silver More Weakness Before Price Takes off Higher Again - 20th May 13
Bottoming Gold Should be Bought as Stocks Approach Blow off Top - 20th May 13
Stock Market Structure + Cycles + Divergence = Corrrection? - 20th May 13
Can France Save The Euro - Or Even Itself? - 20th May 13
Gold, US Dollar Index and 3 Currency Market Forecasts - 20th May 13
Big Energy Siezing Landowner Property - 20th May 13
Commodities Bear Market Elliott Wave Analysis - 20th May 13
How to Really Make a Fortune on the "Mobile Wave" - 20th May 13
Gold Supply and Demand Fundamentals for Q1 2013 - 19th May 13
Let’s Export Our Deflation - All Japan, All the Time - 19th May 13
Why You Should Short Gold - 19th May 13
Crude Oil Price Rides With The Asset Bubble - But Not Forever - 19th May 13
Gold And Silver True Story Is All About Time - Be Prepared - 19th May 13
How to Spot Market Trading Opportunities - FREE EBOOK - 18th May 13
The Fading 2008 Stock Market Doomsday Scenarios - 18th May 13
Commodities Boom to be Driven by the Urbanisation of 1 Billion More People - 18th May 13
The UK Green Energy Policy Shambles - 17th May 13
US Dollar Ends Another 9 Year Down Cycle - 17th May 13
Stock Market Extreme Euphoria Tops - 17th May 13
Gold Wars: U.S. Undermining Iranian Currency By Blocking Gold Imports - 17th May 13
How the U.S. Government Makes $120 Billion From Student Loans Misery - 17th May 13
The Key Reason to Buy Gold Stocks Now - 17th May 13
A Reminder, the Fed Is NOT Printing Money - 17th May 13
Remember the $700 Billion Toxic Asset Bailout? - 17th May 13

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Global Financial and Commodity Market Forecasts 2013

Congress Writes More Blank Checks for the Military Industrial Complex

Politics / Government Spending May 24, 2010 - 12:05 PM GMT

By: Dr_Ron_Paul

Politics

Congress, with its insatiable appetite for spending, is set to pass yet another "supplemental" appropriations bill in the next two weeks. So-called supplemental bills allow Congress to spend beyond even the 13 annual appropriations bills that fund the federal government. These are akin to a family that consistently outspends its budget, and therefore needs to use a credit card to make it through the end of the month.


If the American people want Congress to spend less, putting an end to supplemental appropriations bills would be a start. The 13 "regular" appropriations bills fund every branch, department, agency, and program of the federal government. Congress should place every dollar in plain view among those 13 bills. Instead, supplemental spending bills serve as a sneaky way for Congress to spend extra money that was not projected in budget forecasts. Once rare, they have become commonplace vehicles for deficit spending.

The latest supplemental bill is touted as an "emergency" war spending bill, needed to fund our ongoing conflicts in the Middle East. The emergencies never seem to end, however, and Congress passes one military supplemental bill after another as the wars in Iraq and Afghanistan drag on.

Many of my colleagues argue that Congress cannot put a price on our sacred national security, and I agree that the strong, unequivocal defense of our country is a top priority. There comes a time, however, when we must take stock of what our blank checks to the military industrial complex accomplish for us, and where the true threats to American citizens lie.

The smokescreen debate over earmarks demonstrates how we have lost perspective when it comes to military spending. Earmarks constitute about $11 billion of the latest budget. This sounds like a lot of money, and it is, but it is a drop in the bucket compared to the $708 billion spent by the Pentagon this year to expand our worldwide military presence. The total expenditures to maintain our world empire is approximately $1 trillion annually, which is roughly what the entire federal budget was in 1990!

We spend more on defense than the rest of the world combined, and far more than we spent during the Cold War. These expenditures in many cases foment resentment that does not make us safer, but instead makes us a target. We referee and arm conflicts the world over, and have troops in some 140 countries with over 700 military bases.

With this enormous amount of money and energy spent on efforts that have nothing to do with the security of the United States, when the time comes to defend American soil, we will be too involved in other adventures to do so.

There is nothing conservative about spending money we don't have simply because that spending is for defense. No enemy can harm us in the way we are harming ourselves, namely bankrupting the nation and destroying our own currency. The former Soviet Union did not implode because it was attacked; it imploded because it was broke. We cannot improve our economy if we refuse to examine all major outlays, including so-called defense spending.

Dr. Ron Paul
Project Freedom

Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the "one exception to the Gang of 535" on Capitol Hill.

Dr. Ron Paul Archive

© 2005-2013 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

FREE Deflation Survival GuideFREE Updated 118 Page Independant Investor E-book