Best of the Week
Most Popular
1.China Crash, Greece Collapse, Harbingers of Stock Market Apocalypse Forecast 2015? - Nadeem_Walayat
2.Gold Price Awaiting Outcome of Greece Crisis - Clive_Maund
3.Gold Price Peculiar 6 Month Cycles - Rambus_Chartology
4.Gold Price Just a Little Bit More - Bob_Loukas
5.8 Unprecedented Extremes Indicate a Stock Market Bubble in Trouble - EWI
6.Gold And Silver – Without Either, You Will Be Greeced - Michael_Noonan
7.Lies, Damned Lies and Statistics - James_Quinn
8.China Crash, Greece Crisis Harbingers of Stocks Bear Market? Video - Nadeem_Walayat
9.Gold and Silver Record Shorting - Zeal_LLC
10.Markets Big Deflationary Downwave Quick Reference Guide... - Clive_Maund
Last 5 days
Why This Stocks Bubble Is Actually WORSE Than the Internet Tech Bubble - 4th Aug 15
Gold Investing: Use the Cockroach Strategy - 4th Aug 15
I’m Ready for a Stocks Bear Market. Are You? - 4th Aug 15
Top 6 Myths Driving Oil Prices Down - 4th Aug 15
Is This Stocks Bull Market Summit? - 4th Aug 15
EURUSD: An Ending Diagonal Triangle in Action - 4th Aug 15
Crude Oil Price at Levels Not Seen Since March - 4th Aug 15
The Troika Loan Shark Stock Market Rally  - 4th Aug 15
Plan for Surviving Gold's Summer of Discontent - 4th Aug 15
Stock Market SPX Triggers Sell Signal - 3rd Aug 15
The Gold Investment Demand Juggernaut - 3rd Aug 15
Stock Market Pullback at Hand, Gold About to Rally? - 3rd Aug 15
Gold – The More Hate, The More Bullish We Become - 3rd Aug 15
Stock Market Critical Week Ahead - 3rd Aug 15
Gold Price Near Intermediate Bottom - 3rd Aug 15
Stock Market Reluctant Primary Wave IV? - 2nd Aug 15
Power and Compassion - 2nd Aug 15
Preparing for The Stock Market Crash - Inverse ETFs and Puts Timing... - 2nd Aug 15
Commodity Prices Slump Signals Slow Economic Growth Outlook - 2nd Aug 15
BSE Sensex Stocks Bear Market Underway - 2nd Aug 15
What Microsoft’s Dismal Earnings Report Really Tells You - 2nd Aug 15
Gold And Silver Charts Are The Compelling Story. Fundamentals Do Not Apply - 2nd Aug 15
The Fed Can't Stop the Commodity Bear Market - 1st Aug 15
Meet the Leader Who Turned Google Into a “Buy” - 1st Aug 15
The Greek Coup: Liquidity as a Weapon of Coercion - 1st Aug 15
Gold’s Amazing Resiliency - 31st July 15
Silver – A Century of Prices - 31st July 15
Demand for Gold Bullion Surges – Perth Mint, and U.S. Mint Cannot Meet Demand - 31st July 15
Reasons Why the Greek Crisis Will Only Get Worse - 30th July 15
The War On Cash: Why Now? - 30th July 15
Greece - The IMF Experts Flunk, Again - 30th July 15
Threat Of Cyber Warfare the “Other Reason To Own Physical Gold” Warns Rickards - 30th July 15
The 5 Biggest Myths and Lies about the Middle East - 30th July 15
Greece, Diversion, and the New World Order - 30th July 15

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Stock Market Bubble in Trouble

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

© 2005-2015 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

Biggest Debt Bomb in History