Our federal government's fiscally-irresponsible spending spree in the last few decades has resulted in a lowing of the United States' financial standing with the rest of the global economy.
Most Americans have not known of our government's process of approving foreign takeovers of American companies through the Committee on Foreign Investments in the United States. Greater foreign ownership of U.S. assets is an inevitable consequence of the reckless tax-cutting, deficit-ballooning fiscal policies that Congress and the White House have pursued. The Roubini Global Economics (RGE) Monitor, www.rgemonitor.com, notes that the U.S. current account deficit is projected to be about $900 billion in 2006; "in a matter of a few years foreigners may end up owning most of the U.S. capital stocks: ports, factories, corporations, land, real estate and even our national parks." Until recently, the Monitor writes, the United States has been financing its trade deficit through debt-- namely, by selling U.S. Treasury securities to foreign central banks.
The legislative branch (U.S. Congress) in our federal government must, constitutionally speaking, serve as a check to the powers of the executive branch. We at VOID, Vote Out Incumbents for Democracy, urge Americans to vote out those irresponsible incumbents in the upcoming elections until our public officials in Washington have the fiscal discipline necessary to continue to be the world's economic leader.
Sources: Washington Post, Washington Post, New York Times
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