Peter Schiff: “Washington is the Biggest National Security Threat”
August 30, 2012
Despite the seemingly endless string articles citing Iran as an existential threat to both Israel and the United States there is concurrently a growing and more compelling consensus forming: that US national debt and Washington’s profligate spending is actually more threatening than an ostensible Iranian nuclear weapons program. As of right now we definitely have more evidence of the former.
Last year after Congress failed at agreeing on a long term debt reduction strategy, instead its deliberations gave birth to something our founders would hardly recognize as an enumerated power – the Super Congress. Rather than broach the subject of any real cuts the debt deal merely slowed the pace of growth and effectively kicked the proverbial can down the road. The debt ceiling was raised, this year our deficit for the 4th year in a row amounted to the total GDP of Africa and a recent study has shown by 2016 our debt with be a colossal $16 trillion.
This year, however, our media has been entirely preoccupied with the mounting debt crisis in Europe, after all there is nothing quite like lamenting someone elses woes than address your own. Its almost as if we’ve reverted to some time in the past where everyone’s problems were wholly theirs and not our own. This fantasy has been indulged for far too long.