Rep. Ron Paul on the evils of of overspending and inflation (get the point?):
Mr. Chairman, I am pleased to address the House tonight about the budget because there has been a lot of concern expressed here today on both sides of the aisle about the kind of financial trouble we're in. And there's no doubt about that. But sometimes I think we go back and forth spending more time blaming each other rather than dealing with the real problem.
One of the contentions I've had about the budget is that we look at it as an accounting problem rather than a philosophy problem because the spending occurs because of what we accept as the proper role of government. And right now, it's assumed by the country as well as the Congress that the proper role of government is to run our lives, run the economy, run the welfare state, and police the world. And all of a sudden, it puts a lot of pressure on the budget.
Today, the national debt is going up almost $600 billion. And the economy is getting weaker, there's no doubt about it. We're in a recession, it's going to get much worse, which means that the deficit is going to get a lot worse. And I'm predicting within a couple of years, it will not surprise me one bit to see the national debt, the national obligation for future generations to rise in 1 year three-quarters of $1 trillion. And that is a very possible number.
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