The Rutherford Institute
By John W. Whitehead & Nisha Whitehead
“We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.”—Herbert Hoover
We’re not living the American dream. We’re living a financial nightmare.
The U.S. government—and that includes the current administration—is spending money it doesn’t have on programs it can’t afford, and “we the taxpayers” are the ones who will be forced to foot the bill for the government’s fiscal insanity.
We’ve been sold a bill of goods by politicians promising to pay down the national debt, jumpstart the economy, rebuild our infrastructure, secure our borders, ensure our security, and make us all healthy, wealthy and happy.
None of that has come to pass, and yet we’ve still been loaded down with debt not of our own making.
This financial tyranny works the same whether it’s a Democrat or Republican at the helm.
Let’s talk numbers, shall we?
The national debt (the amount the federal government has borrowed over the years and must pay back) is $28 trillion and growing. That translates to roughly $224,000 per taxpayer.
The government’s answer to the COVID-19 pandemic has been to throw more money at the problem in the form of stimulus checks, small business loans, unemployment benefits, vaccine funding, and financial bailouts for corporations.…
No, that’s not a typo.
In 1776, residents of the American colonies took the very risky step of going to war with a then-powerful Britain – a War for Independence.
At that time, it was quite a courageous act, one that was a direct result of grievances:
Taxation: Colonists were angry over increased taxation, which at that time was only about 1%. But they got little in return, as the UK did not defend them against the native Americans. Colonists were instructed to sort out their own protection.
Production: The colonists were also angry because most of their export product went to the UK and they were paid very little for it, whilst goods shipped from England to the colonies carried a high price, which often left the colonists in debt to English exporters.
Self-determination: But they particularly resented the fact that, although the colonies functioned quite well on their own, and local representatives in the House of Burgesses were entirely capable of establishing law for the colonies, the UK made the bigger legislative decisions. These decisions were often regarded as arbitrary or usurious.
Just prior to the global Coronavirus outbreak, serious signs of an emerging financial crisis began to emerge. As people were beginning to realize that yet another central bank engineered ‘bust’ was coming down on us, we were thrown into lockdown, shuttering millions of businesses and sending millions of people to the unemployment line.
Now, a few months later, we are starting to realize just how deep the economic fallout will be, and Americans are scrambling to adjust their lifestyles to a totally new world order. At the top of the food chain, though, is government. City, county, state and federal.
In the midst of such a bizarre and frightful socioeconomic crisis, the tax man is hurting too. Tax revenues at all levels of government have plummeted like never before, and the pain is especially acute for city budgets who’ve seen sales tax revenue nosedive. While the American citizenry is seeing a drastic drop in income, so is Uncle Sam and all of his bureaucratic agencies.