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U.S. Budget Deficit
March 4, 2013

Will the White House refuse to reduce the growth rate of government?

Deficits Debt

''Despite what the media and politicians would have us believe, the United States did not collapse last Friday when the package of spending reductions known as 'sequestration' went into effect.  The financial markets hardly blinked, as they have come to be more skeptical about these periodic government-hyped 'crises.'

What had been portrayed as a drastic reduction in government spending was merely a decrease in the projected rate of increase in government spending over the next decade.  Under sequestration, government spending increases by $2.4 trillion over the next 10 years rather than $2.5 trillion without it.

So we are speeding toward collapse at only 100 miles per hour instead of 110 miles per hour.

Some in Congress are using the panic over sequestration to justify another surrender of legislative authority to the executive branch.  These members want to 'pass the buck' on prioritizing federal programs by giving the president, cabinet officials, and high-level bureaucrats authority to set spending priorities.  However, it is Congress's job to set priorities in federal spending.

The drafters of the Constitution give the legislature the authority over spending because they recognized it was a threat to liberty to allow this power to be concentrated in the executive branch.  Congress's willingness to cede more authority to the executive should be opposed by everyone who values liberty and limited government.''

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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