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Kirk Elliott

Over the last couple of weeks I’ve been watching the speeches of President Obama, House Majority Leader Boehner, Senator Reid, and a host of other influential power brokers inside the beltway and on Wall Street. The crisis of the debt ceiling has turned into something much worse than a financial problem – it has completely morphed into a political problem, which will ultimately result in a geo-political problem.

There are many parties to blame in this mess, but the fact remains that both sides of the fence have an intense hatred for each other.

President Obama, through his rhetoric, is manufacturing, creating, fertilizing (however you want to say it), class warfare, race warfare and a social uprising that could bring our country down from within.

Forget the debt issue for a moment. Just focus on the words that are being said … [paraphrase of speeches given on Friday, July 22, and Monday, July 25, 2011] “The Republicans won’t compromise, they want to keep giving tax breaks to the wealthy and to the jet-setting corporate elite. Instead they would rather tax heavily the poor of society, the people receiving social security, Medicare and Medicaid.”

WHAT?!?!?!

Obviously Mr. Obama does not understand our current tax code. Corporations in America have the highest corporate tax rates in the Western world. We also have a progressive tax (one of the planks of the Communist Manifesto envisioned by Karl Marx) so the wealthiest pay the heaviest burden of taxes already.

President Obama also stated that raising the debt ceiling does not give Congress the authority to spend more money, it is just giving them the money they need to fulfill the bills they have already passed.

WHAT?!?!?!?!

That makes no sense! Giving them more money means they will spend more money. If they have run out (which they have), then they should repeal some of the bills already passed. Chalk it up as an “OOPS! We shouldn’t have passed this bill in the first place if we had no money.”

I think that the Republicans are trying to do the right thing. They proposed a bill through the legitimate legislative process and passed it, but the president will veto it. So the blame game continues in that nobody is willing to compromise.

These kind of polarized beliefs have the potential not only to fail to uphold the Constitution and the valid legislative process that has been followed, but they could actually accelerate the erosion of our Constitution.

We have a president who is unwilling to follow the mandate of the people who elected the current Congress to cut spending and get America’s financial house in order. I’m not saying their cut, cap and balance bill is perfect, but it is a step in the right direction.

Therefore, a HUGE social spending president who has been seemingly backed into a corner may legislate via executive order if need be.

This scares me. Our beloved country is not on the verge of a financial collapse. It is on the verge of death. This is how nations die. It is a domino effect that once the erosion starts it finishes the cycle.

A dependent state has been created where people continue to expect something for nothing.

“We can’t take care of ourselves, so please take care of us Mr. Government” is the mantra of our society. At this late stage in the game people become willing to vote away their freedoms for security.

And Obama, rather than rallying America together and trying to salvage what is left of our great republic, is splitting us apart by playing the blame game – forcing people to choose sides.

Well, Mr. President, I have chosen my side. I am on the side of freedom. I am on the side of fiscal responsibility. I choose the side of Biblical wisdom that says being in debt makes you a slave to your creditors.

It’s not enough to cap spending. We need to do much more. We need to repeal and take back some of the spending bills that have been passed previously and get back to a point where we are spending LESS than what we bring in through tax revenues.

Will that hurt? OF COURSE! I’m not saying it won’t, but it will hurt less than the other option … the death of our nation. Wake up America! We are on the brink.


Kirk Elliott, Ph.D., is an investment adviser with the McAlvany Financial Group in Durango, Colo. In addition to his weblog: www.kirkelliottphd.com, Dr. Elliott speaks frequently at conferences, radio and TV. Dr. Elliott and his wife are founders of Philanthropia, a 501(c)3 charitable foundation, and serves on the board of Patrick Henry College in Purcellville, Va.

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