Rand Paul: “the national debt is rising at an annual rate of $100 billion per year while the Federal Government's obligation to…”

“the national debt is rising at an annual rate of $100 billion per year while the Federal Government's obligation to future generations is rising even faster. Yet, little concern is shown here in Congress as our budgets grow and new programs are added on to old. Ordinary political deception has been replaced with the dangerous notion of invincibleness as Members claim credit for imaginary budgetary surpluses. The percent of our income that government now takes continues to rise while personal liberty is steadily compromised with each new budget. But the political euphoria associated with the ``New Era'' economy will soon come to an end. Although many have done well during the last 7 years of economic growth, many middle income families have had to struggle just to keep up. For them, inflation is not dead and the easy fortunes made on Wall Street are as far removed as winning the lottery. When the economy enters into recession, this sense of frustration will spread. Business cycles are well understood. They are not a natural consequence of capitalism, but instead result from central bank manipulation of credit. This is especially true when the monetary unit is undefinable, as it is in a fiat monetary system such as ours. Therefore, it is correct to blame the Federal Reserve for all depressions, recessions, inflations, and much of the unemployment since 1913. The next downturn, likewise, will be the fault of the Fed.”