Patriot,

It is that time once again for a show of partisan political
theater on the national debt.

We all know where the Democrats stand on spending, but the sad
fact is, Republicans are hardly different. As I explain in my
latest column, reproduced below, it will take a critical mass of
individuals rejecting statism to change Washington.

Otherwise, Congress is inevitably going to turn to money-printing
- the inflation tax - to avoid making hard choices when Medicare
and Social Security become insolvent. Inflation confiscates
wealth from our savings as well as our paychecks.

That's why Campaign for Liberty continues to inform and mobilize
patriots against Washington's spending sprees.

Read the new column below, and if you support Campaign for
Liberty's continued work, kindly chip in a contribution to help
us fight back.
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For Liberty,

Ron Paul

Debt Ceiling Hysteria and Hypocrisy

This week the U.S. government reached its 31.4 trillion dollar
borrowing limit, better known as the "debt ceiling." This led to
a showdown among House Republicans, President Biden, and
congressional Democrats.

House Republicans are demanding that President Biden and Senate
Democrats agree to include spending cuts with the debt ceiling
increase. However, President Biden and the congressional
Democrats are refusing to negotiate with Republicans. Rather,
they and their allies in the mainstream media are lambasting
Republicans for their "irresponsibility" in seeking to include
spending cuts with an increase in the debt ceiling.

America's national debt is approximately 122 percent of the gross
domestic product (GDP), meaning the government owes more than the
population produces. Interest payments on the national debt
follow in size behind other federal budget big spending areas of
Social Security, Medicare, and "defense." While interest payments
are made, the national debt continues to grow each year.

Government spending steals resources from the private sector.
Thus, there is less capital available for private businesses to
grow and create new jobs. Government spending also contributes to
price inflation and the declining value of the dollar as the
Federal Reserve monetizes the debt. One reason the Fed cannot
allow interest rates to rise anywhere near where they would be in
a free market is that it would cause the federal government's
interest payments to rise to unsustainable levels. Considering
these facts, it should be clear that the irresponsible ones are
those who think the government should increase its credit limit
without cutting spending.

This is not to say that establishment Republicans like House
Speaker Kevin McCarthy are heroes of fiscal restraint. Rather,
McCarthy, like most Republicans, objected neither to increased
spending nor to debt ceiling suspensions when Donald Trump was
president. Further, any Republican spending plan will likely
continue increasing spending on the military-industrial complex
while refusing to address the looming cost problems with Social
Security and Medicare.

While some Republicans are willing to discuss reforms to Social
Security and Medicare, most are still too afraid of the "senior
lobby" to support any changes in the programs - even if such
changes will not harm current beneficiaries. Consequently, it is
unlikely Congress will pass meaningful entitlement reform - at
least until it is forced to do so because the Medicare and Social
Security Trust Funds run out of money. Insolvency is projected
for the Medicare Trust Fund in five years and for the Social
Security Trust Fund in 12 years. Of course, Congress may be able
to avoid making tough choices since the Federal Reserve will
likely cut government benefits, along with workers' wages and the
value of savings, via the inflation tax.

Following early reports that the House Republican leadership was
open to supporting cuts in military spending, there arose a
predictable cry from Republican hawks that any reduction in
spending would leave the US and its allies vulnerable to our
enemies. The limited cuts considered, though, would still keep
America with a military budget exceeding the combined military
budgets of the next nine biggest spending countries. After some
pressure from the military-industrial complex's loyalists and
propagandists, most Republicans retreated from supporting defense
cuts.

A problem with many fiscal conservatives is they accept the
premise of the welfare-warfare statists. Thus, they are unable to
make consistent principled arguments supporting spending cuts and
opposing spending increases. The key to restoring a free society
is for a critical mass of individuals to reject statism.



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The mission of Campaign for Liberty is to promote and defend the
great American principles of individual liberty, constitutional
government, sound money, free markets, and a constitutional
foreign policy, by means of education, issue advocacy, and
grassroots mobilization.

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and not authorized by any candidate or candidate's committee.

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