May 22, 2012

Real Hope for Ending Federal Debt

By Bruce Walker
The per capita federal debt is $31,000 growing.  Much of Europe and many American states are facing practical bankruptcy.  As the creditworthiness of the United States and many states is been downgraded, the cost of simply servicing the existing debt will rise.  Add to these woes vast unfunded entitlements and money simply created out of thin air by the Federal Reserve System, and it is hard to see how even very aggressive Reaganomics can save us.  Government is so far in debt that simply cutting spending less is not enough, and raising taxes is foolishness.  We need to dramatically increase the sources of non-tax revenue.  Fortunately, the convergence of more sophisticated technology and rising costs for natural resources makes that possible.    Anu Mittal, director of natural resources and the environment for the General Accounting Office, recently testified before Congress that the oil reserves in the Green River Formation, spanning much of...(Read Full Article)