Tuesday, July 24, 2018

Ron Paul Warns Washington's Spending Its Way To A Fiscal Crisis

According to financial writer Simon Black, the federal government is spending approximately 52,000 dollars per second.

The excessive debt caused by excessive spending will inevitably cause a major economic crisis.

With a few notable exceptions, there is little to no desire in Washington to cut spending.

Instead, both parties are committed to increasing spending on warfare and welfare while ignoring the looming entitlements crisis.

Even though the Untied Stares is currently spending more on its military than the combined budgets of the next seven highest spending countries, Congress recently increased military spending by 82 billion dollars.

The US House has also recently passed a farm bill that increases spending by more than 3 billion dollars over the next five years.

When the economic crisis hits, there will be no choice but to cut spending and raise taxes.

https://www.zerohedge.com/news/2018-07-24/52000second-ron-paul-warns-washingtons-spending-its-way-fiscal-crisis 

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