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NAPOLITANO: A rising torrent of debt and destruction
Question of the Day
The president and all congressional Democrats, and most Senate Republicans and about half of the House Republicans support this descent into an economic maelstrom, and they have demonized those brave House and Senate Republicans who have had enough of it.
Many courageous congressional Republicans understand the harm the feds have done to the dollar, believe the government must stay within the confines of the Constitution, recognize that borrowing money in order to pay the interest on money already borrowed will lead to perdition — and they are resisting it.
Mr. Obama says they are trying to hold the Treasury hostage and demanding a ransom. He is wrong again. They are defending the dollar and the Constitution.
He is saddling future generations with debt they will not be able to afford. He will turn the IRS into debt collectors for the Chinese government, which is the federal government’s largest foreign creditor.
The courageous House and Senate Republicans stand athwart the progressive tidal wave saying, “Stop!” They have stood firm, and they will be history’s heroes.
As for Mr. Obama, I suspect he doesn’t realize that since the principal of Wilson’s $30 billion loan has yet to be repaid, the Treasury is still paying interest on it. Do you know anyone who consented to that?
Andrew P. Napolitano, a former judge of the Superior Court of New Jersey, is the author of seven books on the U.S. Constitution, including his most recent, “Theodore and Woodrow: How Two American Presidents Destroyed Constitutional Freedom” (Thomas Nelson, 2012).
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