Left will make us slaves to debt

Now the grand plan of the left, to get the U.S. out of its way and permit totalitarian world conquest, should be apparent to all — get American governments at all levels to borrow to spend beyond their means, bury the country in debt, causing credit rating agencies to lower our credit ratings, causing creditors to raise interest rates. Before we know it, we will be slaves to our debt.

Uncle Sam’s revenue is almost “maxed out” at $2.2 trillion, because state and local governments are taking the rest of our “national product.” To spend more, Uncle Sam has to borrow.

Don’t be fooled by Keynesian GDP figures. Those are artificial numbers, the sum of corporate sales, personal incomes and government spending. Personal incomes are, usually, part of corporate sales and government spending — taxation — is part of both corporate sales and personal incomes. Keynesian logic was used for Obamacare funding.

The CBO says the funding “counts the same dollars” at least twice, leaving at least $400 billion uncovered.

Lately, the left has gone on a major spending binge, raising the national debt by 40 percent or more in a little more than two years. For the first time, our credit rating has dropped a notch. Watch how much interest rates rise as a result.

We will add more than $2 trillion to that debt, so if interest rates rose from 3 percent to about 4 percent we would be in real budgetary trouble. Credit agencies keep warning us to stop deficit spending and start paying down the debt, or our credit rating will continue to drop.

That could be a “death spiral” if we aren’t careful.

Peter G. Malone

St. Charles