Dr. Asculai co-wrote with Emily Landau, a Senior Research Fellow and Director, Arms Control and Regional Security Program at INSS, the recent Jerusalem Post article, “Iran: The course is Almost Run.”

Listen to “Money in America with Randall Turner” this week to learn more.

Pending Future Guests:

• Mike Holler, The Constitution Made Easy
• Dick Poole the Denver Metro Coordinator- Ken Buck for US Senate In Colorado
  
• Dennis Smith, Social Security Reform Expert
• Todd Cefaretti, “Join the Tea Party”
• Robert Romano, Senior Editor, Americans for Limited Government
• Peter Gunnerman, Advanced Refining Concepts, LLC – Why ending the Bush Tax Cuts could cost him his business. Peter says, “Any politician who doesn’t want this tax repealed either doesn’t understand business or  wants this country to slip into an economic subpower”
• Gene Humphrey – International Test Solutions, President.  Multimillionaire moving his operations to China – he can’t make money in America anymore
• Lance T. Izumi, Senior Director, Education Studies; Senior Fellow, California Studies; www.pacificresearch.org
• Brian Miller,  AZ Dist. 8; www.BrianMillerForCongress.com

“The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.”  Thomas Jefferson

The answers are all around us to see.  Yet, Jesus said “there are none so blind as those that will not see”.

America has lost its first love: Liberty.  Instead, America has traded its love of Liberty for an unfaithful mistress called Comfort.  The mantra that the American masses chant, consciously or subconsciously, continually is “comfort”.   We just want to be “comfortable”‘.

Everything is fine.  Tomorrow will be just the same as yesterday.  Just leave us alone.  There is nothing to worry about.

Yet, the truth is the world around us, and especially the world immediately in front of us, is quickly becoming unwound.

First, the American dollar is in very real trouble.  In five weeks the dollar lost over 6% of its value against the euro and the weak euro has been the only thing saving our US Treasury bonds from sinking further.

Second, the debt level of the Federal Government, to use Federal Reserve Chairman Ben Bernanke words, “the federal budget appears to be on an unsustainable path”.

And no wonder Chairman Bernanke made this harsh, yet truthful, observation.  The US deficit is $13 Trillion and the entire value of all goods and services produced (GDP) in America is only $14 Trillion this year.  That would mean that the United States debt to GDP ratio is 93%.

At this rate we make Spain look tame at 53% of GDP.

Of course this means that we have totally ignored the value of all our un-funded obligations to Social Security, Medicare, Medicaid, Prescription Drugs, and Government Pensions.  Should we add these unfunded debts of $123 Trillion to the current deficit of $13 Trillion then no one has more debt as a percentage of GDP than us.   Not one country comes even close to our horrific debt load of 1,030%.

And even this ignores the amazing debt loads of 46 of our 50 states that will add another $120 Trillion to our governmental debt load.

So let’s do a little math.  If we add the current Federal deficit ($13 Trillion) plus unfunded Federal Debt of ($123 Trillion) plus unfunded state and municipal government debt ($120 Trillion) that would equal = $256 Trillion.

Folks I think that we are bankrupt…and that is not considering the personal and corporate debt of Americans.

“Randall, we don’t have to pay all these debts in one year”, you say.  Okay.  You’re right these debts are spread over 20 to 30 years.

Let’s go with the longer term of 30 years and see how much we would have to pay each year, assuming absolutely no interest expense and that the economy will not ever be less than the current GDP.

So, we have $256Trillion/30 years = 8.56 Trillion a year required to service the debt.  Considering that the Internal Reserve is only going to bring in $2.6 Trillion this year in taxes it easy to see that we are totally out of control.

Rest easier my friend.  Mr. Obama ordered the government to find $100 million in cost savings.

But, if the $100 million doesn’t rescue us, which it obviously can’t, I’d be looking out for Trillions of dollars being printed in the very near term.

Can anyone say, “German Marks”?

Didn’t this President campaign on halting the financial collapse and passing a massive $800 Billion spending bill to make sure that unemployment wouldn’t exceed 8%.  Now, here we are at 9.5% unemployment with private employment dropping like a rock.  Federal hiring is tapering down with the end of many temporary census jobs and the massive stimulus bill starting to peter out.   The only industry hiring is the Oil and Gas business.

Yet, the pending Waxman, Stupack, Marky bill (HR 5626) and the Sen Casey bill (S.1215) will do little promote jobs in the oil and gas industry.   Instead HR 5626 will put such onerous requirements on off-shore drilling that few companies will endeavor to do such.  The Senate bill will have the effect of restricting hydro fracing of oil and gas wells across the country.

Both bills will curtail future jobs and reduce current jobs.

Job, Jobs, Jobs, that’s what we need.

The White House has tried to help the situation by throwing more gasoline on the fire.  (Forgive the pun)  The EPA has ruled that the 79 of 80 mountain top coal mining permits that had been approved already are no longer valid.  The other 160 permits that were pending have also be denied.

One study sited approximately 20,700 jobs will be affected by the ruling and the elimination of 60% of coal mined in West Virgina.

Now we add the effect that the April 24, 2010 New York State Environmental Conservation Commission ruling on natural gas drilling will have on employment and we can see that natural resources jobs are going the way of the goony bird.  Employment has already suffered from the financial crisis, the housing crisis, the debt crisis, the manufacturing crisis and the auto industry crisis.  Now the government is doing its best to strangle the natural resources industry.

How can we ever expect to have job creation with a government in charge that deems “sharing the wealth” to be more important than helping private industry to compete?

This safety standard is impossible to meet this side of utopia.  The Congressmen undoubtedly know this.  They also know that this will put thousands of people out of work, reduce our offshore oil supply and increase our dependence upon foreign oil sources.  Whether that oil is from friend or foe it matters not to them.  Killing oil production will be the result of this legislation and that is the real desire of the eco lobby that we have allowed to control Congress.

The six-month moratorium on drilling could cost 20,000-30,000 jobs in the Gulf Region. Combine the effects of the six month moritorium with HR 5626 and the results will not be inconsequential.  The ban could easily become permanent and destroy hundreds of thousands of jobs across the south and increase the cost of gasoline for all of us.   When the off-shore drilling rigs leave the gulf many will not come back for years as they are in demand elsewhere for countries with the foresight to drill in their back yards.

How ironic to think that China and Russia are drilling off our coast and we can’t drill in our backyard.

Why has this President, that never wants to waste a good crisis, let this crisis magnify?  Perhaps if a good crisis is good for the President, then a great crisis is great for a President?

This would explain why Alabama had to give up its barriers to Louisiana, why the EPA held back the worlds largest scimmer for fear that 1% of the oil it collects would be allowed to go back into the sea while keeping 100% of the oil on the ocean is preferable, why OSHA only allows one hour of work for every 20 minute break for the oil clean-up workers, and why the White House will not lift the Jones Act to allow foreign ships into gulf coast waters to help clean up the mess.

This administration seems determined to magnify this crisis instead of subduing it.  If this was the Bush administration the hypocrisy and incompetency would be expounded upon by the press day and night.  Instead this administration gets a free pass for just about any indiscretion, in spite of the fact that thousands of jobs will be lost, oil costs will soar, and our dependency upon foreign sources only increases by the day.

It is ironic too that in these days of huge deficit spending by the government, when the government needs whatever funds it can find to plug the gap, that the loss of billions in royalties by forgoing off-shore drilling doesn’t even make it on the radar of the Administration.

America, its time to return this nation to a government that cares about its people and understands that less government is more.

What an exciting show!  We are interviewing nationally recognized economic experts, politicians, businessmen, and patriotic movements that want a return to a limited government.

So far we have had Dr. Charles Baird – a Cato Institute Scholar, Dr. Gerald P. O’Driscoll Jr. – a former Dallas Federal Reserve economist and Cato Institute Scholar, John McAvoy of www.TheOhioProject.com, Lt Cmdr Bruce Washburn – US Navy Seal, Tim Dake of www.WisconsinGrandsonsofLiberty.com and Beth Powers of www.LibertyinAmerica.org.

The week of July 4th we are taking a week off from recording the show in order to attend Freedom Fest in Las Vegas, NV to join with other patriots in learning how we can restore limited government to America.

In coming weeks we are going to feature politicians such as Paul Akers, US Senate candidate from Washington State and Carl Palidino, candidate for New York State Governor.

Money in America has two recurring themes:

1. Promote Liberty
2. Promote Capitalism

Initially this program is being broadcast every Saturday at 9am on WBYB 93.9FM in Olean, NY and podcasted. However, we are in the process of obtaining a national sponsor in order to syndicate the program from coast to coast.

Should you know of a businesses wanting to juxtapose their message with a show that promotes American Exceptionalism let us know.

Also, if your local radio station would like to add this one-hour show to their line up, please feel free to let us know that as well!