"Doubling down with a wealth redistribution plan to the Third World via Copenhagen
will ensure that the rest of the nation's wealth not committed to paying down the debt
will simply be handed over. There will be nothing left for the American people."
– ALG President Bill Wilson
December 15th, 2009, Fairfax, VA—Americans for Limited Government President Bill Wilson today in a letter urged members of the House of Representatives to reject "the unprecedented global transfer of wealth" currently being planned at the global summit in Copenhagen, Denmark.
"Not one cent of foreign welfare via Copenhagen, the International Monetary Fund, or any other international institution should be committed," wrote Wilson, "until the national debt is brought down to a manageable level: about 10 percent of the Gross Domestic Product."
Wilson demanded that members set the record straight: "ALG calls on you to publicly state your position on this foreign welfare scheme."
According to the Wall Street Journal, "Clause after complicated clause of the draft [Copenhagen] treaty requires developed countries to pay an 'adaptation debt' to developing countries to supposedly support climate change mitigation. Clause 33 on page 39 says that 'by 2020 the scale of financial flows to support adaptation in developing countries must be [at least $67 billion] or [in the range of $70 billion to $140 billion per year].'"
Wilson warned that the U.S. was at risk of having its debt downgraded. He wrote, "At $12 trillion today, the national debt will surpass 100 percent of the GDP in 2011. The nation faces the increasing likelihood of a debt downgrade by Moody's Investor Services. Future generations of taxpayers are being bound in the shackles of an insurmountable debt that cannot be paid."
Last week, Moody's Investor Services stated that U.S. "public finances are deteriorating considerably and may therefore test the Aaa boundaries…"
Wilson wrote that the cost of implementing the Copenhagen "wealth transfer" would be enough to push the U.S. over the edge: "Much of the national debt is already owed overseas to China, Saudi Arabia, Japan, and elsewhere. Doubling down with a wealth redistribution plan to the Third World via Copenhagen will ensure that the rest of the nation's wealth not committed to paying down the debt will simply be handed over. There will be nothing left for the American people."
Although the U.S. Senate has the power to ratify treaties, many of the measures under discussion at Copenhagen require approval of both houses of Congress to appropriate funds. "As members of Congress, you have the power of the purse—and you can stop this blatant theft from American taxpayers," Wilson wrote.
Wilson concluded, "I strongly urge you to pledge to oppose any foreign aid transfer until the U.S. debt has been brought under control, and to oppose any foreign aid transfer, regardless, until a broad consensus is reached on the so-called 'science' of man-made climate change."