Answering a question on America’s foreign dependence on oil from a Northern Virginia Community College student at a town hall event on April 19, Barack Obama boldly alleged, “we have actually continually increased U.S. production, so U.S. production is as high as it’s ever been.” It was a claim so false as to be laughable. With all the benefits of being energy independent, why is it that politicians only pay lip service to the idea?
Things have to get pretty bad before the politicians begin to say no to their benefactors. But, that’s exactly what’s beginning to happen, thanks to America’s worsening debt crisis. What’s truly interesting about this development is what it indicates about the severity of the economic crisis facing our nation. Even Democrats are beginning to realize that it is no longer fiscally viable to insulate labor unions from economic reality.
If government is spending a trillion and half dollars more than it is taking in through taxes, which is the case with a deficit of the size that we have now, where’s the money coming from? We can turn to Ben Bernanke, head of the Federal Reserve, who this past week held the very first press conference ever held by a Federal Reserve chief. This reflects the fact the Federal Reserve has been transformed into a political entity. Like everything else in our country, money has become relative and politicized.