updated Sept. 23 at 2:42 p.m.
As Republican candidates for President descend on South Carolina this week, ramping up their campaigns in the early primary state, I’m reminded of another event that took place eight years ago this fall.
The housing market crashed.
In the years since politicians in Washington–and on the debate stage–haven’t moved to prevent similar market crashes from recurring, with few exceptions.
The subject of completely overhauling the Federal Reserve Bank–or at least giving it a thorough audit–has been largely missing from the debates, compared with the 2008 and 2012 races when former Congressman Ron Paul, R-Texas, offered himself as the anti-establishment candidate.
If the question was about spending, his answer was simple–we can’t afford it. The national debt was approximately $9 trillion when former President George Bush left office in 2009. That figure doubled under President Barack Obama.
A calculator on the Senate Budget Committee’s website estimates my lifetime share of the debt is $489,717. I don’t know about you, but I can’t afford it.
More undeclared wars, more so-called entitlements, more government waste. I’ll never pay back the debt I owe on a loan I didn’t take out.My lifetime share of the debt is $489,717. I don’t know about you, but I can’t afford it. Click To Tweet
Yet solutions I hear from the field are quaint, often recycled ideas on how candidates will shave sections off the federal budget if elected, excepting U.S. Sen. Rand Paul, R-Ky., who has pushed to Audit the Fed.
And I think of that housing market crash–the first significant market correction in my adult life.
We do have a spending problem, but it stems from a larger problem. We’re addicted to cheap debt–cheap debt that the Fed creates using the Treasury’s printing press and bad monetary policy. Right-leaning politicians like to talk about our debt problem. But until we’re willing to overhaul the debt and the central banking system, we’re merely going to be covering a gaping flesh wound with band-aids.
The Fed has been audited in recent years, but this has only been a partial audit.
Former Arkansas Gov. Mike Huckabee, former Hewlett-Packard Co. CEO Carly Fiorina, Paul and business mogul Donald Trump–all of whom are vying for the Republican nomination–have scheduled appearances on Tuesday in the Midlands.
Former U.S. Sen. Rick Santorum, R-Pa., has scheduled stops in the Midlands on Saturday.