Within 24 hours of this debt resolution sailing through the Congress, over $350 billion were borrowed--and the government's debt now officially stands well over $17 trillion. This is to say nothing of the untold trillions of dollars in unfunded liabilities the American taxpayer is expected to cover well into the future. As staggering as these numbers may be, very few in Washington DC understand the magnitude of this national dilemma.
This predicament grows even more dangerous [because the] deficit is no longer coming from real "borrowed" money. Very few foreigners are loaning money to the American government now; the largest buyer of American debt has now become the Federal Reserve.
When the Fed steps in as the "lender of last resort", and buys US government debt, new dollars are being created out of thin air. In essence, the only thing the Fed does have at its disposal is the printing-press, and this has become the new norm in Washington.
Turning to the printing-press has real consequences for the average American: massive devaluation of the dollar. As more dollars are printed-up by the Federal Reserve, the average American will find that their purchasing power will go down. This can already be seen--at the grocery store or the gas pump. In a way, this represents a tax. The inflation tax
"West Virginians deserve a constitutional conservative who is pro-life, pro-gun and pro-coal. Career politicians funded by special interest money are part of the problem in Washington, not the solution," explained McGeehan. "Natalie Tennant is out-of-touch with West Virginia, and it's time to elect a Senator who will stand on principle and not with party."
"Harry Reid has handpicked his anti-coal, Obama-supporting candidate to run for Senate and it's time West Virginians stand together and say enough is enough," stated McGeehan. "Tennant's views align along with Barack Obama & Harry Reid--and we need someone who will obey their Oath of Office, not discard it."
McGeehan is the Tea Party favorite and has been endorsed by The National Republican Liberty Caucus.
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The above quotations are from 2014 West Virginia Senate debates.
Click here for other excerpts from 2014 West Virginia Senate debates. Click here for other excerpts by Pat McGeehan. Click here for a profile of Pat McGeehan.
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