Peter Schiff sent this email today. I thought I would share some of the information with you that you may already know. However, you may not know other facts that I did not know.
National debt is nearly $13 trillion. That’s over $42,000 per American (which includes infants) — more than most of us make in a year. China and Japan own almost $1.7 trillion of our debt, and the debt to GDP ratio is over 90%.
So what is Washington doing to solve this economic crisis and stave off a catastrophe?
Nothing. The only thing our elected officials care about is getting re-elected. All of those hearings, proposed legislation and new regulations, they are just a smokescreen. Washington isn’t going to solve our problems.
Washington insiders claim our economy is gaining strength — it’s not. Yes, our GDP is rising, but that is only because we are going deeper into debt to spend money. The problem is that our debt is growing much faster than our GDP. Since the borrowed money is being spent on more government and additional consumption, it can only be repaid by reducing future GDP. This is not a recipe for economic growth but for disaster. By spending now and paying later we are sowing the seeds of our own economic destruction.
It’s déjà vu. The housing market collapsed in 2008 because lenders were allowed to give money to borrowers who couldn’t afford the mortgages they were given. But guess what – our government is doing the same exact thing today. We are borrowing trillions of dollars from foreign governments, and we can’t pay them back!
Yet every day the political establishment passes laws that increase the scope of government and add to our already astronomical national debt. The government cannot continue to grow in size when we are spending nearly $4 trillion a year to run it, more than twice what we spent 10 years ago. It’s unsustainable and we must act now to prevent an economic catastrophe.
I’m counting on you, and so is America.
Peter SchiffRepublican U.S. Senate Candidate
I cut out all of his requests for money.
