You wonder where the money went - when the entire world has over spent. In August of 1983 I wrote an article published in our Rural Electric newspaper. I quote from that article written 20 years ago: "The U.S. Treasury recently called on the senate to raise the public debt limit to 1,389 trillion dollars. Our nation now owes more than one and one third trillion dollars and your share is headed toward $7,000. With a debt like this, we should have a nation gleaming with new highways, bridges, airports, hospitals, colleges and the best equipped military in the world. Where has all our money gone?"
Twenty years ago I quoted Senator Jesse Helms saying, "Our foreign aid during the past 40 years has cost us more than two trillion dollars. That's considerably more than we owe. Even with the massive spending programs we have here at home, had we not given money away to foreign countries the U.S. Treasury would be out of debt today." Remember this was written in 1983.
Fast forward to 2003: On February 20th our government hit the national debt limit of $6.4 trillion and since that time our nation has not been able to borrow any new money. The only way the federal government can pay bills is to use money ear marked for other programs. Back in the days of Jimmy Carter I watched the news as the President signed the bill raising the debt ceiling. Carter smiled into the camera and said, "Now that's taken care of," as if it would never have to be raised again. Why hasn't Congress raised the debt ceiling this time?
With NAFTA and GATT doing what they were intended to do when pushed through congress by our "globalist" legislatures, jobs in the US have vanished at an alarming rate. According to the Associated Press, over 465,000 jobs have evaporated in the past two months. April 1st the Mortgage Bankers Association of America released the National Delinquency Survey stating that home foreclosures hit a record high in the fourth quarter of last year, when over 400,000 households were in foreclosure. William Brewer, Jr., a bankruptcy lawyer in Raleigh, NC, said he's seeing many cases where the value of the mortgage debt on homes exceeds the value of the property. It isn't only the federal government and our private citizens that are in deep financial dodo. Our nation's airlines are losing millions of dollars each day. We only hear about the airlines and the Enrons and the K-Marts as they go into bankruptcy, but many of our major US companies owe hundreds of billions to their employee's pension funds. Those stories never make the news.
CNN recently quoted Morgan Stanley's chief economist, Stephen Roach forecasting a world recession by the end of the year. Let's hope he is wrong but we could be seeing the "handwriting on the wall."
© 2003 Derry Brownfield - All Rights Reserved
Derry Brownfield was born in 1932 and grew up during the depression. He is a farmer and a broadcaster. Derry attended the College of Agriculture at the University of Missouri where he received his B.S. and M.S. degrees. He taught Vocational Agriculture several years before going to work as a Marketing Specialist with the Missouri Department of Agriculture. Derry served as Director of the Kansas City Livestock Market Foundation at the Kansas City Stockyard prior to establishing himself in farm broadcasting.
Derry started farming when he was 16 years old and received the Future Farmers of America State Farmer degree in 1949. Since that time the Brownfield Farm has grown to over 1000 acres maintaining a herd of 200 registered Charolias cows.
In 1972, Derry and his partner established the Brownfield Network which now serves 250 radio stations throughout the Midwest with news and market information.In 1994, Derry started his own syndicated radio talk show and he is one of the most popular radio talk show hosts in America. The Derry Brownfield Show can be heard on approximately 80 radio stations in 23 states. With his entertaining sense of humor and witty commentary he has captured audiences for over 30 years. His ability to present an informative talk show while being light and colorful is why he has a large loyal listening audience.
Derry Brownfield is a practical farmer, a practical
business man and a very entertaining speaker. He travels extensively throughout
the country speaking about his common-sense point of view. Web Site: www.derrybrownfield.com
"With NAFTA and GATT doing what they were intended to do when pushed through congress by our "globalist" legislatures, jobs in the US have vanished at an alarming rate."
"We only hear about the airlines and the Enrons and the K-Marts as they go into bankruptcy, but many of our major US companies owe hundreds of billions to their employee's pension funds. Those stories never make the news."