Today the Federal Reserve Chairman from around the world met today in Washington to discuss the impending collapse of the EURO Zone. The result was a stunning announcement US Federal Reserve would bail out the European Union, the amount of which is still unknown. His on the heals of an audit which revealed in December of 2008 the Federal Reserve loaned approximately $7 Trillion dollars to the largest multi-national banks which resulted in $14 billion in profits to those banks. This also on the heals of that same audit which revealed they loaned the largest multi-national banks approximately $17 Trillion between 2008 – 2010.
Now irrespective of whether you agree these bailouts are necessary or not, we need to understand, the US dollar is backed by the faith of the American People, yes the Taxpayer. And we are now going to take responsibility of the debts of our European brothers and sisters at the same time we have Republicans and Democrats telling the American people we need to cut essential programs and services cause our debt is too high. So it begs the question, who is really in charge of this country and what is the real truth? We don’t have the $200 million to keep PBS running, but we have $7 Trillion to keep Goldman, JP Morgan and Citigroup in business.
But this really begs the bigger question, what are the priorities of our government and the leaders who run it. Currently there are 19 US Cities either in or near Bankruptcy: Harrisburg, PA; Benton Harbor, Mich; San Diego, Calif; New York City, NY; San Jose, Calif; Cincinnati, Ohio; Honolulu, HI; San Francisco, Calif; Los Angeles, Calif; Washington, DC; Newark, NJ; Detroit, Mich; Reading, PA; Joliet, Ill; Camden, NJ; Hamtramck, Mich; Central Falls, RI; Paterson, NJ and Chicago, Ill. I felt it necessary to mention the cities by name to underline the magnitude of this issue. Our infrastructure is antiquated and falling apart, major cities are facing bankruptcy, poverty levels are rising, homelessness is on the rise, and true unemployment hovers around 25%. However, our politicians at all levels of government have told us we are bankrupt, we have no money for a stimulus and that the only way to fit everything is to cut. Cut programs, cut services and cut taxes.
However, at the same time we are cutting and watching our cities, homes and families fall apart, we are increasing spending on Defense and now we find out we are giving money away to support failing banks and failing countries and not just a little money, more money then the entire US produces in an entire year, double our GDP.
I am not one of those who says we are a financially bankrupt country. We are a morally bankrupt country with misplaced priorities. More then 1/3 of our annual budget is spent on defense. The two other largest programs within the federal budget are Social Security and Medicare, both of which take in more tax dollars then they pay out in benefits. However, the politicians are telling us, this is where our problem is and want to cut benefits so they can continue to borrow from the Social Security and Medicare Funds in order to continue to feed their Military Industrial Complex. And the one discussion we’ve had recently about cutting military spending wasn’t about cutting large multibillion corporate defense contracts for planes that will never fly or of that sort, but about cutting soldiers pension and benefits for our soldiers.
If you notice a theme, there is one. Our towns, our cities and our states and the people who live within them don’t really matter anymore to the people who represent us in Washington. They have decided to let us fail. Between Income Taxes and Payroll Taxes we give approximately 40% of what we earn to the Federal Government. The Contract we have has always been that the money would be allocated back to the states to provide essential infrastructure improvements and services. If you listen to the politicians today, they no longer view these tax dollars as our money, this is the Federal Governments money to do with as they please and the states and cities are on their own, and they are failing. The American people continue to get squeezed with ever rising School and Property Taxes as well as increased sales and state income taxes as a result of lower revenues from the Federal Government. Our educational system and infrastructure are crumbling before our eyes. But we have more then enough money to be placing 2,500 troops in Australia and continue to increase military and defense spending. But at the end of the day we all need to ask the ever important question, with all the money we are spending on defense in the name of protecting the America people, what are we actually protecting them from? Terrorists? Fear is the emotion elicited from terrorism, but we live in fear every day, not from death from a terrorist bomb, but fear of losing our homes, not being able to pay our bills, of not being able to afford college for our children and of not being able to retire. If fear is what they are trying to protect us from they are failing miserably. If we truly cared about the homeland and defense, we would stop spending Trillions of dollars overseas, and we would invest in the American People. Good affordable education, roads and infrastructure, affordable housing and affordable healthcare. This is the backbone of a great society and as a nation it appears we no longer value these things.
So what do we do? Unfortunately, we need to re-establish states rights, that the sates come first. If the politicians at the Federal Level do not value our communities in which we live, it is up to us to do so. I once read a quote, “The reason people riot within their community and destroy their community is when they believe they no longer have a vested interest in their community.” I truly believe this. Rather then give our money to the federal government, and beg to get a pittance of that back, we need to stand up as communities and say no more. The we are going to keep our money in our communities and rebuild them. With anything left over we will then contribute to the federal government. I have more details to this plan…but its pretty radical thinking and I am going to hold it for now, unless you ask me…but its time to rein in the Federal Government if they can’t rein in themselves.
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