From the TEA Party Patriots:
SIGN OUR PETITION TO TELL CONGRESS NOT TO INCREASE THE DEBT LIMIT!
We’ve been warned to stop the reckless spending.
The spending addicts in Washington DC would have you believe that our debt is unconnected to spending. They would like you to think that with some fancy pledges and gimmicks they can control the debt and keep it from spiraling into oblivion. They want you to ignore that overspending is the driver behind the debt.
Why would they want you to believe this? Because if you do, then they can continue to spend, spend, spend, spend. Sadly, most of our elected officials care more about their own power than the fate of this nation. In fact, a CBS poll recently found that 80% of Americans believe that members of Congress work to satisfy special interests rather than their constituents.
The reason so many Americans feel this way is because the politicians’ actions leave no room for any other possibility. And American constituents are not the only ones that have come to this conclusion.
- Moody’s and Standard & Poor’s have warned us that our credit rating will be downgraded if we do not control our debt.
- If the nation’s credit rating goes down, borrowing money becomes more expensive, making our existing debt crisis even worse.
- China issued a statement, as our primary lender, saying that the US must rein in spending now, or will likely face abrupt and severe austerity measures.
Here’s a doozy of a fact that no one in DC is acknowledging:
When the abnormally low interest rates normalize (i.e. increase to normal rates), our annual interest expenses will skyrocket – making mincemeat out of any budget deal brokered today! Right now the average cost of borrowing for our Treasury Department is 2.5 percent, while the average over the last couple of decades was 5.7 percent! (Please read the article linked above in its entirety.)
Now get this – Our interest expenses, over ten years, will jump to $4.9 trillion once interest rates “normalize,” and the Republicans are “pledging” a decrease of $2 trillion in spending over ten years… so that $2 trillion in savings will be swamped by $4.9 trillion in new interest expenses!
We are now at the point where the entities that lend money to us are starting to get nervous because they can see the writing on the wall. The politicians try to scare the American people by using rhetoric like “draconian cuts,” but imagine how “draconian” the cuts will be when our creditors decide suddenly to stop lending us money. Forty cents of every federal dollar is borrowed. Either we cut spending our way, or our creditors will force us to do it their way. Which way do you prefer?
Enough is enough.
America deserves better.
Thanks for your continued support!!