Kucinich has a bill to address the budget

March 16, 2011

Feb. 13, Speaker John Boehner addressed a letter to President Obama, “[T]o support the creation of private-sector jobs, immediate action is needed to rein in federal spending.”

He’s wrong.

According to the Economic Policy Institute, John Boehner’s budget would reduce federal deficits by 4 percent while costing 700,000 American jobs. Boehner’s response was, “So be it.”

Both Boehner’s and Obama’s deficit-trimming budgets operate under the same flawed assumption: ultimately the government’s budget must be balanced.

If the federal government originates money, why not print the money to pay the national debt? All non-coin money is loaned into existence by the privately-owned Federal Reserve and banks. Debt-based money cannot pay off the debt.

Fortunately, a member of Congress is taking action. Representative Dennis Kucinich (D-OH) introduced the National Employment Emergency Defense (NEED) Act last December. The bill will:

1. Nationalize the Federal Reserve.

2. Eliminate the banks’ privilege to create money.

3. Spend new money into circulation on a national infrastructure program.

Our inflationary credit money will be replaced by a sound currency. The federal debt will be paid as it comes due. It is change we can believe in. We must support Dennis to make NEED a reality.

Jules Brouillet
Palatine, Ill.

From the March 16-22, 2011, issue

2 Comments

  1. James C. Davis

    March 16, 2011 at 8:03 am

    Jules:
    I’m surprised that you can even spell Kucinich.
    You understand about as much economics as a high school graduate from a Rockford High School. Of course economics 101 isn’t taught in Rockford, if it was (205) wouldn’t be in the finical problem they are in.

  2. Jules Brouillet

    March 17, 2011 at 2:49 pm

    I hope to receive some feedback here rather than a few ad-hominem “observations”. If your curiosity is tickled by such inferences about my credentials you can rest assured that I received very high marks in my high school economics class. My disagreement with Mr. Davis is I find the mismanagement of 205 in past years to be very concerning. Nobody should ever dismiss the financial decision making behind our childrens’ education as superfluous or finical.

    Readers should read Boehner’s letter and the NEED Act to come to their own conclusions about them. I am very interested in hearing your criticisms and ideas about how our Federal Reserve policy should be used to address state and federal budget shortfalls.

    Letter from Speaker John Boehner to President Barack Obama, February 13 2011
    http://www.scribd.com/doc/48737188/150-Economists-Call-for-Spending-Cuts-to-Boost-the-Economy

    The National Employment Emergency Defense (NEED) Act, introduced by Representative Dennis Kucinich, December 17 2010
    http://kucinich.house.gov/UploadedFiles/NEED_ACT.pdf

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