For the First Time in *Your* History

Years and years ago - actually only 40 months and a day - when the national debt was a mere $10.5 trillion (as of today's date, it is $15.5 trillion), the former Comptroller General of the United States gave us this memorable quote:

"What's clear is that, while the numbers aren't final yet for the year ended Sept. 30, 2008, for the first time in the history of the United States, the federal financial hole exceeded the total net worth of all Americans. ... So we could confiscate every dime of the net worth of every American household -- including Warren Buffett, Bill Gates and every other billionaire -- and we wouldn't fill the hole."   (See the entire interview here.)



In short:  We are worth LESS than what we OWE.


When you're financial net worth is negative, the definition of wealth - no matter how it is defined - no longer applies.  And what is our current trend, are we getting better or worse?  In February 2012 we set a record for deficit spending (read "debt"):  $229 billion.  [5/25/12 update:  $229 billion has been revised to $231 billion in the current report.]


Interesting that the President and the Prime Minister of Great Britain would co-author this March 12 piece, in which they write, "As two of the world’s wealthiest nations, we embrace our responsibility as leaders in the development that enables people to live in dignity, health and prosperity."  The reality is that we are no longer wealthy; "prosperity" is word they ought not use.  All of our material wealth has been mortgaged by weak-minded Presidents and weak-kneed Congressmen; what we see around us, our cars, houses, property, roads, schools, malls, tall buildings, the cattle on the hills, the oil rigs in the fields, the crops in the ground - are owned by our creditors.


So we have two "first time in history" disasters:  An America that is officially upside-down and still taking on water; and a one-month deficit unparalleled in this - or any - country's history.



To change it:
1.  Know the records of the incumbent President and the incumbent Congresspersons.
2.  If it is a record of unjustified debt increases, do everything within your power to defeat the incumbent(s).


I run against incumbent Mike Conaway, who has voted for over $3.1 trillion in debt limit increases.  He voted for the the Budget Control Act of 2011 (should have been named the "Budget Out-of-Control Act") which gave us last month's $229 billion of additional debt.  I have pledged to hold the line on additional debt.  Run with me up this hill; help me re-plant the flag of a defiantly free people - and maybe for the first time in *your* history, join in a political campaign.

Pray.  Give.  Speak as a free person speaks:  truthfully, boldly, and with the intent to act.

Godspeed,

Wade