Sunday, May 18, 2008

Federal Reserve, Earmarks, The Culprits

Last night on Saturday Night they had a skit with McCain. It was funny, but at the same time very sad. One portion of the skit had to do with earmarks. Earmarks are the pork spending for things that have nothing to do with roll and responsibilities of the Federal Government. The last time this country, our elected representatives passed a non unified general federal balanced budget was in 1959 (excluding Social Security and Medicare funding and dedicated tax revenues). I have no idea how much all the earmarks have totaled over the decades, but with interest I would not be surprise me if it topped $1 Trillion. This is what we are leaving our children with. The culprits are Lugar, Souder and all the other elected officials.

The Economic Stimulus Package of $600 per adult and $300 per child is also an Earmark. It is an earmark because they have misspent so much money, borrowed so much to provide earmarks that the Dollar has been devaluated and these elected representatives have led us to our current economic predicament. With each drop in the Federal Funds Rate we see the dollar fall more. This causes the price of oil to rise. If we increase the Federal Funds Rate we cause our economy to falter. Maybe the Federal Reserve is not as good as we were led to believe?

I never had much faith or respect for Greenspan and my initial impression appears to be correct.


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