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The REAL Deficit We Need to Address NOW!
The
financial world seems awash with commentary on the US’s deficits, debt loads,
and spending problems.
Whether it’s
Congress voting to cut spending by $6 billion (the same day the US debt grew by
$70 billion)… Obama’s “budget” (I
use that word as loosely as possible) proposal… or Tim Geithner telling us we
need to raise the debt ceiling when we’re already past the point of ever being
able to pay off existing debt… every financial commentator in the world is
concerned about deficits.
The only
problem with these critiques is that they’re missing the REAL deficit which
matters in the US.
You see, all
of the deficits people are freaking out about are financial in nature. But none
of this matters anymore. Seriously, all the financial End Game in the US is a
done deal. We will never pay our debts off, we ARE going to default, and that’s
all there is to it. Whether Obama wants to increase deficit spending by $10
trillion or $100 Quadrillion Trillion Zillions doesn’t matter. We’re broke.
Seriously,
does anyone REALLY think the US could get its debt levels under control? We’ve
already got Debt-to-GDP levels that are comparable to Greece and the other
European countries that are collapsing. Our Central Bank now buys 50+% of all
new debt issuance (of course waiting a few weeks to Wall Street can pawn this
stuff off on the taxpayer for a profit). Medicare and Social Security are bankrupt.
And the idea that the FDIC can cover all the deposits at banks that will fail is
laughable.
I suggest
that rather than focusing on financial deficits (which are largely irrelevant
in the context of our true financial situation), we should be freaking out
about the REAL deficits impacting the US today.
Those
deficits are the MENTAL deficits of
our leaders.
This is not
meant to be a cheap shot, nor am I trying to be funny. The political leaders in
the US are the ones who created this whole mess, largely because they don’t
have any real ideas themselves so they simply take orders from whichever corporate
donor writes the biggest checks (usually the banks).
Seriously,
has ANYONE proposed a solution to any REAL problem that might actually work? Just
look at how we handled the Financial Crisis. Tons of bankers broke the law,
committed fraud, and got rich in the process.
Our leaders’
solutions to this?
A “do no go
to jail” card for all of Wall Street, TRILLIONS in taxpayer funds (which they
can’t even account for), and carte blanche to continue committing the same
fraud that created the Financial Crisis in the first place.
What about
the crappy jobs market?
Our leaders’
solutions to this issue: pretend people who are unemployed for a long time don’t
exist, provide tax incentives that are meaningless, and pass out food stamps.
The list
goes on and on. No one in a position of power has a clue how to solve a MAJOR
problem the US faces today. So stop worrying about financial deficits… let’s
start worrying about mental ones.
Graham
Summers
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perhaps we need to cover walls street in sand and then tons of boron and then encase them in billions of tons of concrete and hope it doesnt crack releasing their putrid poisonous decay into the environment ever again
why not? WS is already covered in moron...
I like it!
Finally, some seriously good American thinking!
+2 I have done the same. How can you go to war and give the rich tax cuts ???
But somehow........Im the asshole too !?!?!?!? That's the plus 2