The White House and the Most Disparaged Profession, Again

Wolf Richter   www.testosteronepit.com

Even the Soviets with their iron-fisted approach and fiat economy couldn't come up with a reliable five-year plan. And in the US, one-year forecasts are accurate only by accident. But ten-year forecasts, whether by the White House or by the Congress, are the ugly sisters of BS—their hilarious gimmickry serves to amuse us during the dreariness of election-year politics.

So President Obama unveiled his budget proposal for fiscal 2013 through 2022. If all goes according to plan, gross national debt will jump from todays $15.4 trillion to $17 trillion by the end of fiscal 2013, about 110% of GDP. The continuation of a bipartisan fiasco: President Bush started out with a debt of $5.7 trillion.

The White House projected a growing economy—recessions don’t occur in forecasts. Part of the growth would come from the ballyhooed revival of manufacturing. In a paper that clearly wasn’t designed for the rank and file, the White House outlined its strategy: lowering real wages to make the US competitive with low-wage countries. For that whole debacle, read.... When the White House Touts Falling Wages.

And it would cut the budget somehow (though it would keep growing). For example, it would spend $360 billion less in Medicare and Medicaid over 10 years—less than what?—by squeezing providers and charging higher out-of-pocket fees. But it does nothing about a core issue: Medicare fraud. It’s a vast scheme. But no insurance company falls prey to it. Only Medicare cannot defend itself. It doesn’t even know when it’s happening because, inexplicably, it doesn’t analyze the bills. It pays based on the honor system! So a whole industry has sprung up to defraud it. And these cases make your skin crawl. Read.... The Systemic Nature of Medicare Fraud.

But the White House budget is just decoration. Fiscal decisions are made in Congress. And Congress will never pass another budget again. Oh no. Those times are over. Budgets are like so 20^th century. Now they do continuing resolutions. And Republicans are already out in force picking the budget apart. The proposed $4 trillion in cuts over ten years may only be $300 billion, they say. Who knows. The national debt will continue to balloon. The only question is how fast.

Congress is the quintessential American institution: it spends far more than it takes in and borrows the difference. To heck with the future. And some people get to profit from it. It all adds up to GDP. Lawmakers are so proficient at it that 36% of what they spend has to be borrowed. Obviously, their job approval rating must be in the stratosphere....

Oops. Only 10% of Americans thought Congress was doing an acceptable job, according to the most recent Gallup poll. The worst ever! Disapproval etched up to 86%, matching the December record.

Even the leadership of Greece got a better score—though people are rioting in the streets of Athens, throwing Molotov cocktails, and burning down buildings to express their discontent. A stunning 18% of Greeks approved of the job their leadership was doing, while only 76% disapproved. These astronomical numbers must bring wistful smiles to the lips of our storied lawmakers.

It has been a horrendous dive from the lofty 84% job approval rating of October 2001, when the country erroneously looked up to Congress as a source of hope and guidance. Republican voters are the least dissatisfied with Congress, awarding it an approval rating of 12%, same as the previous low. Democrats are getting more frustrated, dropping from 14% to 11%. And independents continue their push towards zero, though sampling error, apparently, nudged their approval rating up from 7% to 8%.

With elections coming up, lawmakers are furiously contemplating how they might be able to buy a few percentage points. Several hundred billion dollars that would have to be borrowed from the future would go a long way. Well, not a long way. That would require trillions. But it might keep their job approval rating above zero through November.

Ironically, as long as our personal lawmakers shovel some of the moolah our way, we’ll vote for them again, though we agitate about the other scoundrels in Congress. And shoveling moolah around is what the congressional oeuvre, the tax code, is all about—just when corporate tax dodging scandals pry open its.... Strenuously Hushed-Up Basic Flaw.

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[Bartanist]

It is hard to get excited by Congressmen who are slaves to corruption and succumb to blackmail. Only the very most flawed are electable and then we think that is a miracle that they garner virtually no respect.

But then again, isn't it in the oligarchy's plan to dissolved Congress (they are so hated, no one would mind, right?)

I will tell you something that I find both absolutely amazing AND so exceedingly typical of my expectations of this now all too corrupt country. Does anyone remember the last Harry Reid election? Harry Reid is a pillar of the Democratic party (right?), who was losing in the election polls to the Tea Party candidate by something like 17% going into election day.

Miraculously Harry Reid won. How? Not only no one knows, but also miraculously no one asked the question "how did he win?". The magic of Diebold run elections I guess... or maybe those doing the polling were so incredibly wrong that they should have their pollster license taken away ... or maybe the people of Nevada are just so happy with Harry (while experiencing the country's greatest foreclosure rate) and just thought he is such a great guys that they changed their mind on election DAY!

[Racer]

And Gingrich has called for child labour laws to be repealed.

No doubt so that wages for the poor will be cut even further as children will be competing at an even lower rate

[Shizzmoney]

The White House projected a growing economy—recessions don’t occur in forecasts.

Seriously, when was the last time a White House PROJECTED a recession? 

Paulson denied it in 2006 under Bush.  Then the Big Crash happened. 

Geithner is denying it now; he must not like charts. 

They should just hire Baghdad Bob.  I mean, if you are gonna lie to me, at least be fucking entertaining about it.

[Racer]

Paulson said Fannie and Freddie were fine just before they definitely weren't!

and of course... Tax Cheat saying that the US will never be downgraded... and of course

ChairSatan saying there was no subprime problem as it was well contained

Yeah I believed them....... /sarc

[Stuck on Zero]

We need an S&P rating for Congress.  Junk if you ask me.

[Racer]

that HIGH a rating??????

[dcb]

80 thousand turned out for the greek riots in athens, the total population is a bit above 11 million.

population usa 311 million. about 28 times. based on my poor math that's about the equal if 2.2 million showing up in washington and rioting. but for some reason it's not reported that way, and it's not considered a real popular revolt against the bankers.

[CEOoftheSOFA]

Don't tell my mother that I'm a congressman. She thinks I'm a piano player in a whore house.

[Stuck on Zero]

That's all right.  Monica Lewinski told her Mom she was a penis player in the White House.

[Korbin Dallas]

"Fairness" and "It's Bush's Fault" are the pillars underpinning the incumbent platform, wrapped in a flag.

[InconvenientCou...]

Observation and insight are pillars of logic. When you have a magic carpet you don't need pillars, or logic or the Earth under your feet.

It's the appalling lack of "pillars" that enable U.S. to "channel" it's populace into virtually any meme with remarkably little energy. Intelligentsia spends more time figuring how to prevent their clones from getting their memes mixed up and combined in dillutive ways than thinking about delivery yield of a particular idea.

Would it surprise you to learn that when your head gets too fragmented, it ceases to be of any use whatsoever and has to be rebooted? It turns into overcooked meme stew, like the GOP primary. Maybe it's not too late for Trump/Palin or Palin/Trump with a simple message?

A winning message?: Eliminate all taxes, build a wall around the U.S. borders and create a domestic military freedom protection force that pays it's members a middle class wage. That ought to secure 52% of the vote.

[Bagbalm]

Congress gave up declaring wars, they gave up reading bills, they've given up on using budgets. If only they'd just stay home and give up on meeting.

[TexasAggie]

The House of Representatives has passed a budget bill; Sen Harry Reid says that we don't need a budget bill along with the House Demorat Hoyer.  Also, the MSM always said a Repub President budget was DOA but will not say that for a Demorat Pres.

also, the title could be misleading, aren't economist all most in the same boat as Congress?

[Burgess Shale]

They have pretty much given up on even voting on bills and confirmations.  If either party doesn't want a vote to happen, it doesn't happen.

[Vendetta]

they gave up on representing the nation because there wasn't enough money to be made doing so

[El Gordo]

Wonder how they are keeping their ratings so high?

[IQ 101]

Will they ever run out of Bullshit? Not till the cash cow dies,

Z.H. presents the BS for what it is, for those of us with a sense of smell while the Media of the malority present BS to the other 99.99% of the population as glowing truth.

Call it what you want, according to your own beliefs,but as I see it, it is going to take an act of God to create the event that Ends the Bullshit,

Ron Pauls election I would hope, but I suspect something a little more likely than common sense and honesty enveloping the USA will happen, an Asteroid full of ,Acid squirting ass aliens/At this point I,m up for anything that will end the Culture of lies and deception.

Father in heaven, smite this golden bovine and it's preists, i pray.

[JPM Hater001]

As a cautionary allegory this works well for me.

[HardAssets]

Unfortunately, because of Free Will I think the Lord doesnt interfere in human affairs. (Or was that the Non-interference Prime Directive of the Federation in STAR TREK ?)

Given that the American public may be among the most lied to people in the world, - - -any heavenly or other off-Earth assistance would be highly appreciated.

[lasvegaspersona]

amen

[G-R-U-N-T]

"Only 10% of Americans thought Congress was doing an acceptable job"

Hm...I'm wondering if the other 90% are thinking of a coup d'état?

[Bartanist]

My wife tells me, and I have not checked for myself, that even though Congress us universally disrespected, the majority of people like their own Congressman ... and that is why they keep getting elected.

... or maybe it is simply Diebold magic and a captured media that is trying to keep the current people in position until it is politically possible to dissolve Congress.

One wonders if Congress realizes that by allowing the constitution to be eliminated, they are eliminating their own jobs and security. One would think that after the coup, they would be thought of as loose ends who know too much.

[nmewn]

And I'm wondering how that 10% can even find the toilet in the morning.

[HardAssets]

Well, I'd guess that a large portion of that 10% (and I don't even believe that number nowadays) is made up of people who vote 'yes' when they really mean ' I don't have a damned clue what youre talking about, and am too stupid & lazy to care".

[BlackholeDivestment]

...well it looks like the Greek Police have an ever lower opinion. LOL http://www.reuters.com/article/2012/02/10/us-greece-police-idUSTRE8190UC20120210

 http://www.welt.de/politik/article13861468/Griechen-Polizei-droht-EU-Gesandten-mit-Verhaftung.html 

...and the fire is aaah coming. http://www.youtube.com/watch?v=748IjOdrjwg

[IQ 101]

Nice! Even if the Greek police unions motivations are FUBAR, much like the rest of the Greek.gov class doing the protesting.they might get pay cuts and shorted on their pensions but at least they are awakening to the reality that the house of cards is about to come tumbling down, best to divert attention to the next rung on the ladder?

Ouboros was the serpent that ate it's own tale I think, reminds me of that.

[barliman]

Ahhhh, mid-winter ...

... snow is starting to fall outside and tomorrow will be pristine and white. With the incredibly mild winter so far, no one will stress over the snow. It will be just another item to note ...

• Snow on Valentine's Day - kind of scenic
• Discord in Europe - talking heads nodding reassuringly in the same manner they have for two years now
• Obama puts out a budget even more ridiculous than his one from last year - yawn, if he wasn't black, we'd all be talking about how he is an incompetent a$$hole POS

... while somewhere in the not too distant future ...

there is a BLACK WHALE of a disaster coming that is going to crush the Central Banks, politicians, bankers, etc  

(forget black swans, even after March 11, 2011 there is a complacent attitude on the part of the aforementioned that they can "handle" anything)

http://www.youtube.com/watch?v=eJlN9jdQFSc&ob=av2e

barliman

[wonderatitall]

the one constant of this melodrama called obamamerica is obama and his complete incompetence. how can anyone get away with it? he is black and we dont want to appear racist? this is what the goobermint did to america. define everything down and yell racist at the first sign of questioning.

welcome to the USSA, our democrat racist nazis have finally done it... and dont think the repubs who worship at the feet of our nazi democrat overlords will do anything but collect some dough....THIS IS WHAT YOU WANT....THIS IS WHAT YOU GET....BAD LIFE

[jeff montanye]

even at half black/half white, the negativity is palpable.  and so very well deserved.  

i have never voted for a republican presidential candidate in a general election. first time for everything.

[DeadFred]

With ratings that low one or two incumbents might not get reelected.

[resurger]

It's race to the bottom unfortunately...

[non_anon]

ha ha, testoreronepit, you ever boost it with some juice?

[RockyRacoon]

Smoke and mirrors has become a profession.  I'm ready for the crash.  Long overdue.