Stop the madness
Dr. Michael Beitler has announced he’s seeking the Libertarian Party’s nomination for U.S. Senate in 2010.
“I want you to know, I am committed to abolishing Federal programs and agencies, not to creating new ones,” Beitler told about 100 supporters gathered for the announcement at the PTI Airport Marriott Hotel Thursday.
“Big government is causing more problems than it is claiming to fix,” he said. “Federal Government’s spending is out of control. Total reported – and unreported – Federal Government debt has taken us to the point of no-return.”
“It’s time to stop the madness,” Beitler said. He said the time has come to stop talking in terms of reducing the budgets of various government programs and agencies.
“The time has come to abolish entire Federal programs and agencies,” Beitler said. Noting that Rep. Ron Paul (R-Tex.) has become know as “Dr. No” in the U.S. House of Representatives, Beitler said he wants to be known as “Dr. Abolish” in the U.S. Senate.
Beitler is business practice professor in The Bryan School of Business and Economics at the University of North Carolina-Greensboro. He’s authored three business books used in MBA programs and hosts the Internet radio show “Free Markets With Dr. Mike Beitler” on the VoiceAmerica Business Network.
Beitler also wrote a book about his libertarian philosophy, “Rational Individualism: A Moral Argument for Limited Government & Capitalism.”
The Libertarian Party, the third largest party in the United States, has been active in North Carolina since 1978.It has been the largest and most active third party in modern North Carolina history.
Libertarians have run candidates for President in all but one of the presidential election years since then. This occurred despite the fact that the state has the second most restricted ballot access restrictions in the nation.
In 2008, Mike Munger earned nearly three percent of the vote for governor, enabling the Libertarian Party to retain its spot on the ballot through 2012.
Text of Dr. Mike Beitler’s statement:
Anybody here in favor of a smaller government? Look at all those hands. We deserve to be represented in the U.S. Senate.
How many of you are under the age of 35?
On behalf of the baby boomers, I want to apologize for the shameful legacy of debt we are leaving to your generation. When we are sitting on a beach somewhere collecting Social Security, you will be working day and night just to keep up with ever increasing taxes.
Everybody in this room knows the Federal Government’s spending is out of control. Total reported (and unreported) Federal Government debt has taken us to the point of no-return.
On my “Free Markets” Internet-radio show, Larry Reed, President of the Foundation for Economic Education, and I talked about Franklin Roosevelt’s deficits. Larry and I talked about FDR’s revenues of three billion and spending of ten billion A deficit in the billions of dollars. We are no longer talking about deficits in the billions; we are talking about deficits in trillions (that’s trillions with a “T”).
The deficit in this year’s Federal budget is now more than the entire Federal budget at the beginning of this decade. Let me repeat that: The deficit in this year’s Federal budget… is now more than the entire Federal budget at the beginning of this decade.
The national debt is now accumulating at a rate of more than $4 billion … per day. At well over $11 trillion that debt amounts to $38,000 for every living American. That is $38,000 per individual, not per family.
Anthony Gregory, editor-in-chief of Campaign for Liberty, was also a guest on my “Free Markets” show. Anthony said, “I don’t blame the government, the politicians, or the bureaucrats.”
He went on to say, “Mike, I blame the American people. The government could not get away with these outrageous interventions and spending policies, if the American people refused to put up with it!”
Are you willing to put up with it?
The commercial for my radio show says, “Big government is causing most of the problems it claims to be fixing.” From the bedroom to the boardroom, we see more and more government intervention. I was a chief financial officer in banking for more than a decade. I saw the sub-prime loan fiasco in the making. It was government regulations and financing schemes that created the sub-prime crisis.
Few of you would be surprised, if I told you, “Banking is heavily regulated.” I can remember days as the bank’s CFO when I had to put Post-It Notes on doors to keep the regulators separated: FDIC examiners in here, Federal Reserve examiners in there, Comptroller of the Currency examiners in here, SEC examiners upstairs-second door on the left … you get the picture.
I used to say, “Banking was the most heavily regulated industry,” until I spoke with my friends in health care, energy, trucking … and every other industry. Frankly, they had good arguments for the same claim.
But still, whenever there is a problem, the solution always offered is “more government.” We cannot afford more government. We taxpayers must pay for all of these ineffective intrusions into business and into our personal lives.
I mentioned earlier that the national debt is now $11 trillion dollars. That is only the figure the Federal Government reports. Let me put on my old CPA cap for a moment. In addition to the $11 trillion, the Federal Government has tens of trillions of dollars in off-budget and off-balance sheet obligations. A conservative estimate of the total Federal Government liabilities is $100 trillion.
Remember that figure of $38,000 of debt per individual based on $11 trillion? Take out your checkbook and make out your check, payable to the United States Treasury, for $300,000. That will clean up the current mess. They will come back for more later … “as needed.”
I want to add one more factor to this fiscal nightmare: interest on the debt. The Federal Reserve is artificially holding down interest rates. As we’ve talked about on my show, the Fed cannot do that forever. Eventually, interest rates will rise.
Anybody know what the current Fed Funds interest rate is? It’s near zero. Isn’t it possible that interest rates could double (or even triple) from this low level? The answer is “yes.” Currently, interest expense on the Federal debt exceeds $250 billion per year. My question to Washington: How will the interest be paid if interest rates double?
The time has come to stop talking in terms of reducing the budgets of various government programs and agencies. The time has come to abolish entire Federal programs and agencies. Whereas Congressman Ron Paul is known as “Dr. No” in the House of Representatives, I will be known as “Dr. Abolish” in the U.S. Senate.
As I announce my candidacy for the U.S. Senate this evening, I want you to know, I am committed to abolishing Federal programs and agencies, not to creating new ones.
And finally: Stop wasting your vote. If you are voting for Big-Government Democrats, or if you are voting for Big-Government Republicans, you are voting for more of the same. Tell Washington you have had enough!
Stop wasting your vote; vote for somebody who has earned your vote with a commitment to smaller government. I want to earn your vote for the U.S. Senate in 2010. Together we can stop the madness.
Thank you for your support!