Is there an end to the U.S. debt spiral?
From Congressman Ron Paul, in his weekly ”Texas Straight Talk” column on his House of Representatives website, posted on November 29th:
”Surely we are facing an emergency debt spiral, as evidenced by the Federal Reserve’s recent commitment to buy another round of Treasury debt. It’s now quite obvious that the U.S. government plans to inflate its way out of debt, and the world is fleeing our dollar in response. Just 7 years ago Congress raised the debt ceiling to $6.4 trillion, which means the federal government had doubled its indebtedness in less than a decade. Annual deficits for 2011 and beyond are projected to be at least $1 trillion. By contrast, the entire federal debt amassed from the founding of our nation until President Reagan took office in 1981– a period of roughly 200 years– was $1 trillion. So it’s no exaggeration to state that federal debt is growing exponentially.”