America's founders' financial advice

Chuck Norris: America is broke. Wall Street is going out of business. The government is borrowing and bailing like there is no tomorrow. Americans anxiously await the full impact of a second Great Depression. And we all are longing and looking for solutions and saviors. Well, have no fear. Our founders are here. Yes, it's official and public news for the whole world to see: Government is the worst run business on the face of the planet. We've known it for a long time – we're just now facing the monetary music. We're going under, fast. And the government's remedy is to return to its cycle of treasury vomit – spending money it doesn't have by borrowing money it can't pay back. . . .

Call me altruistic – say the plan is oversimplified. But even mom always taught me when I was young, "If you get in a pinch, go back to the basics." It works in martial arts. It works in the movies. It works in marriage. It works in financial markets. And it worked for our Founding Fathers. With small variances, our founders agreed on five basic approaches to fiscal management, which I describe in far more detail in the third chapter ("Stop the nightmare of debt") of . . . "Black Belt Patriotism," in which I address eight major problems facing America with our founders' solutions. If we're going to reawaken America from her economic slumber, then we must go back to those who discovered and established the American dream. Their financial principles were:
1. Keep spending within constitutional limits. The Tenth Amendment restricts the size of government, and that should always bear out in the federal budget and spending. . . .
2. Don't bail out debt with more debt. George Washington wrote in 1799 to James Welch, "To contract new debts is not the way to pay for old ones." . . .
3. Return to a pay-as-you-go government. If we don't have the money, we don't spend it. Period. No more debt. No more bailouts. No more spending. . . .
4. Tax for imports, not exports or anything else. Our earliest government's primary tool to raise revenue was from tariffs. Obviously, we can't raise all the monies our government now needs by imports alone (because of its excessive taxation dependence through the decades), but we need to return to our founders' simple taxation system. That is one reason why I say abolish the unconstitutional IRS and implement a Fair Tax. . . .
5. Get over the greed. We're in this financial mess because of greed. . . . We've become a nation that confuses our needs and greeds – and we've got to get back to the basics if we're ever to understand and overcome the heart of this financial crisis. . . . [America's founders' financial advice] See also: Morning Bell: Highway Robbery & Paulson bailout would worsen contagion-spreading accounting rules

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Tags: bailout, Chuck Norris, economy, FairTax Plan, financial, founding principles, greed, lender bailout, United States To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!