Even the writers of the Constitution of the United States of America were quite clear as to who is responsible for taking on debt and paying off debt.
Interestingly, those who agreed to the Constitution never agreed that Congress has the power to borrow bank credits. Rather, they were quite explicit that Congresses only could borrow money, which is coined metal by weight and fineness.
Even clause 5 of Article 1, Section 8, fully clarifies what the writers of the Constitution believed. They believed money to be coined metal, which needed to be weighed and the metal content measured.
- The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts ... [Article 1. Section 8. Clause 1.]
- To borrow Money on the credit of the United States. [Article 1. Section 8. Clause 2.]
- To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; [Article 1. Section 8. Clause 5.]
So all of that debt the various Congresses have accumulated by selling bonds for bank credits well, all of that debt has been accumulated in violation of the Constitution various Congresses swore oaths to uphold.
In INFLATION REVEALED! "REAL GDP" AND FEDERAL RESERVE BANK UNITS, I explain the concept of Federal Reserve Banking Units (FRBUs). FRBUs give the best tool to measure inflation. Inflation arises from banking and nothing else.
As can be seen, true spending of Congress in terms of buying power as measured by FRBUs is slightly above what the Congress of 1993 spent. Tax collection today is slightly above that 1993 Congress.
From 1992 through 2000, the Congresses during the Clinton years did a bang up job of pushing to cut deficits while increasing spending and tax collection.
Congress began their march to cross over the point of no return back in 2008 and at last crossing over by October 2012.
So which president signed into law congressional budgets from the most fiscally responsible congresses comparatively speaking?
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