Unhinged - Part 1: David Stockman On The GOP's Fiscal Madness

Authored by David Stockman via Contra Corner blog,

The watchword for 2018 is: UNHINGED!

That refers to Wall Street, Washington, the Dems and the GOP, and all the far and near corners of the planet which are implicated in their collective follies.

The latter begins with the fact that Imperial Washington has become so dysfunctional that the most powerful government on earth can't seem to keep its doors open for more than a few weeks at a time.

The next continuing resolution (CR) deadline is January 19 and the route thereto resembles nothing less than kick-the-can-alley. It's strewn with $100 billion of unfunded disaster aid, defense and nondefense sequester caps fixing to be busted by another $100 billion, 700,000 dreamers waiting to be deported, 9 million poor children (CHAPS) facing termination of medical care and millions more ObamaCare recipients who have been promised that cost abatement subsidies to insurance companies will be funded forthwith.

And along with those major bouncing cans are countless more articles of graft and booty cued-up on Capitol Hill looking for a legislative gravy train (i.e. CR) to hop aboard.

Likewise, the casino gamblers on Wall Street complacently attempt to tag another record at 2700 on the S&P 500. Yet that would represent a nosebleed 25X LTM earnings heading into a bond market rout that is certain to result from soaring treasury issuance and the Fed's impending bond dump-a-thon.

Worse still, the Donald insouciantly unleashes tweet storms about the alleged Trumpian boom when the next recession is statistically just around the corner. After all, the current so-called recovery will pass the existing 118 month record, which occurred under the far more propitious circumstances of the 1990s, in April 2019.

But when it comes to Unhinged, nothing tops the GOP's disgraceful plunge into fiscal turpitude. The once and former party of fiscal rectitude and a constitutionally required balanced budget has unleashed a torrent of red ink, which under the circumstances, makes Barack Obama's profligacy pale by comparison.

What we mean is that circumstances matter, and that piling $800 billion of "shovel unready" stimulus on the recession-bloated Federal deficit in 2009 was bad enough. But 108 months on from the Obama Stimulus with the official unemployment rate at 4.1%, a huge discretionary leap into more red ink borders on madness.

Even the most incorrigible Keynesian stimulators have never argued that you inject massive amounts of borrowed money into the economy during the 8th inning of a business expansion. Instead, you are supposed to be shrinking any residual deficit from the last downturn, and, ideally, running a surplus in order to chip-away at the existing debt.

Yet the Trumpian-GOP has thrown every shred of fiscal rectitude to the winds at the absolute worse time in modern history. As we explained last week, the front-loaded tax bill will shrink the revenue base by $280 billion during FY 2019 to just $3.4 trillion.

At the same time, upwards of $200 billion in add-ons for defense, disaster relief, ObamaCare insurance bailouts, border control, veterans and law enforcement will drive spending to nearly $4.6 trillion or 20% above Obama's outgoing budget of $3.85 trillion (FY 2016).

That's right. These GOP clowns have left Big Spending Barry in the dust, and that's before they get around to auctioning off votes for what the Donald is now flogging as a "bipartisan" infrastructure bill.

The latter will add hundreds of billions more to the borrowing tab. That's because the White House can't pass an infrastructure bill without a lot of Dem votes, and the latter will demand real pork in the appropriations barrel, not some kind of slight of hand tax-induced mobilization of so-called "private" capital (it's not "private" when it get mobilized by a tax incentive bribe).

In short, what was already a structural deficit of $700 billion will erupt into new debt issuance of $1.2 trillion----and perhaps well beyond that figure----commencing in October. At that very time, of course, the Fed will be dumping old bonds into the market at a $600 billion annual rate.

Yet to our knowledge, there was not a single mention of this pending epic bond market collision during the perfunctory Congressional debt on a bill that had no hearings and had not been read by the overwhelming majority of legislators when it was jammed through on Christmas Eve.

And that's why we describe the GOP's fiscal policy---among others---as unhinged rather than merely reckless or hypocritical. That is, Imperial Washington has been house-trained for so long by central bank money printing that it has no clue that it has actually participated in a giant financial fraud.

To wit, the Fed balance sheet at the turn of the century was only $500 billion, meaning that in round terms upwards of $4 trillion of public debt has been monetized during the course of this century. And so doing, the Fed forced the other central banks of the world into aping its policy (or suffer soaring exchange rates), thereby causing even more of Uncle Sam's massive debt emissions to be sequestered in central bank vaults around the world.

But now even Keynesian central bankers have realized that they must pivot toward interest rate normalization and balance sheet shrinkage (quantitative tightening or QT). Otherwise, they will be caught sucking their thumbs near the zero bound with no balance sheet dry powder when the next recession makes its inevitable appearance.

Moreover, from the Keynesian-statist point of view that would be an absolute political calamity and central bank franchise killer. That's because the whole monstrosity of contemporary central banking rests on the false proposition that---save for the skillful (and "courageous") ministrations of central bankers----capitalism would never recover from recessionary slumps, and that it has some kind of depressionary death wish, to boot.

Needless to say, the GOP doesn't even recognize the evil of present-day central banking and is so confused on the topic that its "low interest man" in the Oval Office chose an outright Keynesian statist and crony capitalist larcenist, Jerome Powell, as the next Fed Chairman.

Worse still, the Congressional GOP leaders persuaded the clueless Trump to also nominate Professor Marvin Goodfriend, whom House Financial Services Committee Chairman, Jeb Hensarling, described as an "impeccable conservative".

But for crying out loud, Goodfriend wants to abolish cash (i.e. the ultimate protection from state seizure of wealth through control of bank deposits) so that the Fed can impose negative interest rates during an "emergency" declared by 12 central bankers.

That's right. This whack job devotee of Milton Friedman wants to confiscate the liquid assets of savers if they fail to borrow and spend at the rate decreed by the monetary politburo in the Eccles Building.

So yes, when it comes to the state's destructive propensity to borrow and print money, the GOP has simply become: Unhinged!

Worse, they have also become essentially innumerate. For instance, even as they are loading the public debt with another $1.2 trillion or more in the fiscal year just ahead, they have spent the Christmas break bloviating about the growth and jobs which will ostensibly issue from their asinine tax bill, thereby mitigating the added red ink----if not eliminating it entirely.

Not on your life!

Even if the wallop of borrowed cash injected into the economy during FY 2019 adds a full 1% of extra growth, it would amount to just $190 billion of nominal GDP and therefore a mere $35 billion of incremental revenue. That is, the "reflow" would amount to a rounding error in the context of a $4.6 trillion spending orgy.

To be sure, tax bill apologists would argue just give it time. For instance, an extra point of growth (above CBO's baseline of 1.7% per annum) for the next four years would result in a nominal GDP gain of $905 billion by FY 2022 and therefore an extra $160 billion of revenue.

Alas, the baseline deficit for that year with the enacted tax bill and the GOP spending spree would otherwise amount to $1.44 trillion. So getting the outyear deficit down to $1.2 trillion with "more time" does not exactly compute to a growth based rescue of the nation's rapidly unraveling fiscal accounts.

Moreover, it is utterly unreasonable to assume that Washington has that much time in the wake of the jarring bond market collision that it now baked into the cake for the year just ahead. In fact, FY 2022 would constitute months #147-159 of the expansion which incepted in June 2009.

Needless to say, that's terra incognito from a macroeconomic perspective: A place where the US economy has never been---even during LBJ's "guns and butter" frolic of the 1960s and Greenspan's irrationally exuberant technology and dotcom boom of the 1990s.

In this context, we have frequently referenced then Senate Majority Leader Howard Baker's characterization of the giant Reagan tax cut as a "riverboat gamble". Yet today's fiscal and demographic circumstances are so infinitely worse than those of 1981 that the GOP's current fiscal posture surely constitutes a Riverboat Gamble On Steroids.

Back then, the public debt was just $930 billion or 30% of GDP, the 78-million strong baby boom had not even fully entered the work force yet and Paul Volcker was at the Fed, where he was slamming the breaks on the printing presses----thereby pegging the 10-year treasury note at 15%.

That is to say, there was running room on Uncle Sam's relatively pristine balance sheet, an army of strong backs was headed for the job and taxpayer rolls and interest rates had nowhere to got except down----and big time in that direction after the back of commodity and consumer inflation had been broken.

By contrast, the GOP tax bill and spending spree---when piled on top of the inherited baseline deficits---will result in nearly a $27 trillion public debt by the end of FY 2022 or more than 120% of GDP. And that assumes that the current business cycle does not roll-over from record old age and the crunch of soaring debt yields on an economy saddled with $67 trillion of public and private debt at this very moment.

More importantly, it ignores the demographic-fiscal time bomb of the retiring baby-boom. That is already evident in the projections through FY 2022 when combined spending for baby boomers (including much of Medicaid which goes to the poor elderly and nursing home care) will exceed $2.5 trillion or 63% of total Federal revenues after the GOP tax cut is factored in.

 

Medicare, Medicaid, and social security spending.png

But that's not the half of it. By early in the 2030s, the number of OASDI beneficiaries will reach 95 million compared to 60 million at present, and then climb steadily higher into the triple digit millions from there.

In a word, the longer-term fiscal condition of the nation's baby-boom driven entitlement monster is so forbidding that not a single dime can be responsibly added to the Federal debt---not for tax cuts, defense, Mexican walls, the rescue of people who choose to live in hurricane ally without setting aside their own stormy day funds---or anything else.

So in the face of bond market collision that is imminently pending, a recession that is not far down the road, and a baby-boom/entitlement eruption that is baked into the demographic and statutory cake, the GOP's current feckless fiscal game plan is truly unhinged.

Moreover, the recent announcement by the Great Fiscal Fake who presides over the US House of Representatives, Paul Ryan, that the GOP will now turn to spending control and welfare reform is truly laughable. The $70 billion extra they are pumping down the Pentagon rat-hole this year is equal to the entire cost of the Food Stamp program and exceeds spending on family assistance by more than 2X.

Indeed, the heart of the $700 billion means-tested "welfare budget" is Medicaid ($430 billion) and the earned income, child care and similar tax credits. But the GOP has already punted entirely on the former during its failed attempt to repeal and replace ObamaCare and it has added tens of billions to the latter in the now enacted tax bill.

The recklessness of it is only surpassed by the bubble-blind casino gamblers and robo-machines, which, oblivious to the fundamentals and inexorable future realities, chase prices higher and higher only because they are going up.

Image result for projected number of social security recipients by 2045

In Part 2, we will consider: The RussiaGate Hysteria of the Dems. It has now become the great skunk in the woodpile that is separating Imperial Washington from even a tenuous connection to the facts, history and common sense realities of the non-existent security threats that result from Russia's pipsqueak sized economy and midget military budget.

Moreover, the resulting rampant Russophobia means that the War Party is more ensconced in power than ever before. That is to say, the ultimate threat to domestic peace and prosperity is a $1 trillion annual Warfare State budget that is both utterly unnecessary based on the real facts of the world, and which was utterly unaffordable---even before the outbreak of the GOP's latest bout of fiscal madness.

Comments

TBT or not TBT Four Star Wed, 01/03/2018 - 13:01 Permalink

Kabuki.  The problem is we are way down the slippery slope of democracy.   The founders warned that it can work until the electorate discovers it can vote itself goodies from the public treasury.   Creating the Fed and exiting the good standard have permitted the slide to build huge momentum.  As has the reserve currency setup for the dollar.  Which will end when the U.S. can no longer afford to bestride the whole planet militarily...due to the crushing rise of entitlement spending, plus interest payments.  But then there are even dirtier shirts on there.  Hmmm. 

In reply to by Four Star

TBT or not TBT east of eden Wed, 01/03/2018 - 13:29 Permalink

Um, they get to keep their seats in the House so easily because they can steer money back to their districts, and of course get a flood of donations from every direction.   Some entities are donating not even to get something but as " protection money" in the mafia sense of the word, because of the harm congresscritters could do them deep in some 2000 page bills.   Congress can do this because the courts and the people have let them legislate deep into penumbras of the Constitution.   The interpretation of the Commerce Clause coerced out of the Supreme Court by the socialist FDR opened the floor gates.   We're hyper corrupted now. 

In reply to by east of eden

Endgame Napoleon east of eden Wed, 01/03/2018 - 17:22 Permalink

People — legally and illegally working in this country — pay into the SS trust fund at 7.65% (employed) to 15.3% (self employed) on every dime of traceable, earned income up to the $127,200k cap. 

A mom-and-pop shop, grossing close to $100k and netting in the mid to low 30s, pays the higher 15.3% SS tax rate on every penny despite the $32k net income, drained by a business loan and overhead. 

Swamp Congress — salaried government employees @ 175k — pay only 7.65% in SS tax up to the SS cap of $127,200. 

Corporate managers, making $300 million per year, like the CEO of Aetna, pay SS tax up to the $127,200 cap. 

Many of the company’s employees, making $10.40 per hour via multiple temp agencies, pay the lower rate of 7.65% SS tax on every puny dime earned, although the majority of them have spousal income or welfare and child tax credits.

Licensed agents working on straight commission with expenses and no benefits — pyramid style — with about 10 strangers taking a cut out of each $250 sale, pay the higher 15.3% in SS tax. 

The unlicensed, hourly mom-gang employees who do not work anything like as many hours pay the lower SS tax rate of 7.65%, adding that SS tax favoritism to their $3,468 — $6,444 child-tax-credit welfare and monthly welfare. 

Just by making an obscenely unfair tax code fairer, there is room to increase SS tax revenues, but this tax cut instead makes income tax and income-tax welfare even more outrageously unfair and hostile to work.

It helps to swell the deficit by adding more non refundable and refundable child tax credits for part-time mom employees who also often enjoy major household bills covered by welfare. 

When they are not on welfare, moms often are just adding keeping-up-with-the-Jones’ money to an ample spousal income and driving wages down for women with earned-only income in the process, just like the moms on welfare who work part time to stay below the earned-income limit for welfare.

This tax bill doubles those child tax credits, taking the max refundable child tax credit of $6,444 to $12,888 unless I misunderstand it. This is more than half of the earned-only, yearly income of many multi-licensed agents, working for standard insurers for $10 per hour in my state, with its $19k per-capita income.  

Work simply does not pay. Sex and reproduction, combined with part-time work that keeps your traceable income below the earned-income limit for welfare is what pays for single moms and many immigrants, including the illegal ones. 

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-cr…

https://cis.org/Child-Tax-Credits-Illegal-Immigrants

https://www.google.com/search?q=child%20tax%20crditd%20for%20illegal%20immgeabts&ie=utf-8&oe=utf-8

https://www.google.com/amp/amp.dailycaller.com/2017/12/04/gop-tax-reform-still-lets-illegal-immigrants-receive-child-credit-subsidy/

And it does not work to stimulate the economy; Obama raised those child tax credits, too. 

https://www.cbsnews.com/news/whats-obama-doing-to-your-taxes/

Obama likewise gave a few thousand to the dual-high-earner parents who concentrate the wealth from the few good jobs in fewer households, cutting the US middle class in half. He eliminated the alternative minimum tax cut in his stimulus.

Obama’s stimulus did not create “shovel-ready” jobs — as advertised — but instead gave so much money that I had trouble adding it up on my phone to his cronies for failed green energy projects. 

https://www.google.com/search?ei=6kxNWr2BDsr2mAG2r7i4Bg&sjs=3&q=green+e…

 

In reply to by east of eden

tunetopper TBT or not TBT Wed, 01/03/2018 - 15:47 Permalink

150 Saudi Prices tried to leave with their spoils

Monarchs throughout Europe and Asia for 1700 years have stolen the labors of their people with very little compensation and mostly misery.

A benevolent dictator or severe punishment to the elected representatives of a democracy are the two best forms of governance. 

Putin, Netanyahu, Ghaddafi, QEII (not a true monarch) are some modern day examples - and I wouldnt trade the US for any of those places.

In reply to by TBT or not TBT

Consuelo Wed, 01/03/2018 - 12:47 Permalink

 

 

 

"Worse still, the Donald insouciantly unleashes tweet storms about the alleged Trumpian boom when the next recession is statistically just around the corner."

 

Um...  Was there something in the water being served around Reagan's conference table back in the day where PCR and Stockman sat giving the President advice...?

greenskeeper carl Consuelo Wed, 01/03/2018 - 12:55 Permalink

One of my favorite examples of GOP insanity is the idea that these corporate tax cuts and the rest of it are going to allow us to grow out of this mess. Hannity and the rest are always going on about how these pro growth cuts will lead to the fabled 4% growth fairy paying us a visit, and all our problems will be solved. Apparently, we don't need to cut spending by any noticable amount either. This will NEVER happen. There is too much debt. Not just the federal government, either. State and local governments, corporations, student, auto, and mortgage. Oh ya, and credit cards are maxed out from the holidays. Every single one of their projections also includes the laughable notion that there is no recession, or even a meaningful correction, in sight. Their rosy projections also willfully ignore the pension time bombs which, already bad enough in our stock and bond bubble, will be positively ruinous once the next recession (depression) hits, and will leave many of the biggest municipalities and states bankrupt, and looking to uncle sam for a bailout. Stockman hits on a lot of things, but also misses many. In other words, and bleak of a picture as he paints, its actually worse.

In reply to by Consuelo

CatInTheHat cheech_wizard Wed, 01/03/2018 - 14:17 Permalink

A friend of mine, who is officially 'retired' (but in reality working his ass off to feed himself and pay the rent), says KS is extremely fucked since Brownbroke got into office. Those help wanted signs are for minimum PART time work. He knows. He lives in KS and sees the MESS it has become since 'reform'.. 

"Unless you're wealthy, don't bother coming here"...

In reply to by cheech_wizard

Bemused Observer cheech_wizard Wed, 01/03/2018 - 14:41 Permalink

Help wanted signs don't tell you much, except that some people want others to do something for them. I, for instance, would love to find someone to do a good cleaning here twice a month. But I can't find anyone willing to do it for 10 bucks. Does this signal a 'labor shortage' in my area? Can I import someone from India since I can't find help among my lazy, opiate-addled neighbors? 

I mean, obviously my difficulty in filling this position is entirely due to the laziness and drug-use of the American worker, right? There wouldn't be any other reason, would there? Here I am, waving that Hamilton...no takers. What's up with that?

In reply to by cheech_wizard

greenskeeper carl BreadnH2O Wed, 01/03/2018 - 13:51 Permalink

I'm not against tax cuts, im just saying that they need to be accompanied by spending cuts, big ones. The USgov and the state of Kansas aren't the same thing. People keep citing what happened with reagan as what should be done. He cut taxes, a lot, and growth took off. He also increased spending, a lot, and tripled the national debt, adding the biggest % of GDP of any president in history. YOu want that again? I don't. I want them to spend less money.

In reply to by BreadnH2O

CatInTheHat greenskeeper carl Wed, 01/03/2018 - 14:26 Permalink

And what spending needs to be cut??

You mean the MILITARY spending, by chance? More money for the elite welfare??? The DofD that is somehow missing 21 trillion and has put us 21 trillion in debt due to all it's wars for IsraHell? 

And how bout them tax cuts! I understand that corps were suffering terribly at the 35% rate. So, in the past year, we have INCREASED SPENDING....ON THE ELITE, to the tune of 2 trillion and of course it will be more, so now more people will get screwed.

Don't bother with spending cuts on 'welfare'. The system as it sits is SEVERELY UNDERfunded. Why is it that cuts must automatically come for the people already in poverty or hovering just above? 

CUT military spending. RAISE the corporate tax rate, LIFT the cap on SS. That would be a start.

People who advocate for cuts to social programs are advocating for more money to be funneled to the Ziopaths...

Oh, and IsraHell is another parasite we could cut....

 

 

In reply to by greenskeeper carl

RovingGrokster CatInTheHat Wed, 01/03/2018 - 15:02 Permalink

Let’s try real cuts, shall we?

Eliminate HHS, HUD, Depts of Edu and Energy, Interior, BATFE, Transport, Shrink State, Sharply define the roles and limits of FDA, EPA... ANd much more.  AS for benefits, enforce standards in place since Clinton/Gingrich on qualifications for payouts, especially disability, gradually raise the retirement age in line with actuarial tables to cover the last 15-20% of life expectancy. -some who age faster and get sick will go on disability, but not those in prime working condition.

 

By all means, let’s review and reduce overseas bases and subject military costs to scrutiny, but we can never, ever, afford to let our guard down.

Don’t give me this crap about making work more expensive by increasing the payroll tax, or raising the cost of doing business so that all of us earn less and pay more.  Shrinking taxes generally raises revenues. Now, actually shrink spending, and you’ll have a balanced budget.

 

Meanwhile, even without much help from Congress, Trump is cutting regulations and costs, shrinking executive agencies, and increasing economic activity.  Excellent way to help revenues exceed spending - imagine what could be achieved with Congress on board!

In reply to by CatInTheHat

swmnguy greenskeeper carl Wed, 01/03/2018 - 14:44 Permalink

Strange how giving moar tax cuts to the already-wealthy is supposed to let the economy take off.  Especially as wealth is increasingly transferred upward, into fewer and fewer hands.

How is the economy supposed to grow without demand? How can demand grow when wealth is being extracted from the many, to the benefit of the few?

Taxes have never been the problem.  One clue to the problem is that the national median income is no longer far enough above mere survival to allow the median wage-earner to pay any Federal income tax.

You don't pay taxes on income you don't earn.  As the beneficiaries of these tax cuts will discover, as demand continues to collapse.

In reply to by greenskeeper carl

RovingGrokster swmnguy Wed, 01/03/2018 - 15:06 Permalink

I take it then, that tax thresholds (along with rates) should be lowered, so that everybody has skin in the game?  You seem to have a problem with the lower income folks paying nothing?

let’s not forget that, due to Rubio and others, the (un)earned income tax credit that actually pays out (negative tax) for children is causing more wealth distribution from the middle to the low earners. meanwhile, as someone in the middle, I expect my taxes to go down, and I hope that taxes on higher earners go down more. -that’s incentive!

In reply to by swmnguy

swmnguy RovingGrokster Wed, 01/03/2018 - 17:51 Permalink

You can't squeeze blood out of a turnip, I've heard.

The problem is that the economy isn't working properly.  If you work and stay out of trouble, you should be able to pay your bills and a few taxes.  The median American wage-earner can barely pay bills, so the right-wing complaint that only the rich pay taxes is fatuous.

I remember when I paid no Federal Income tax.  I had a damned hard time paying my rent then, too.  If I hadn't worked in restaurants, I wouldn't have eaten much in those days.

People poor enough to get money back from the Earned Income Credit absolutely need it.  They're working their asses off and not getting by.  That's an absolute sign of an economy that isn't doing what it's supposed to be doing.

I grew up poor.  I don't need any incentives from any outside source.  I'm always disappointed in those who claim they do.

In reply to by RovingGrokster

Deep Snorkeler Wed, 01/03/2018 - 12:51 Permalink

Trumpish Folk

Cunning little brains,

elemental and primitive,

stiffened with conspiracy catnip,

years behind, lives in peril,

willfully exploited, even their

pre-thoughts are stupid.

Broken on the corporate wheel,

shredded by Congress,

their GEDs have expired.

voting machine Wed, 01/03/2018 - 12:53 Permalink

"Everything is awesome..."

Now for some after Christmas specials

Moar consumption , moar consumption , moar consumption

 

Come on 'murica. Max those cards out...!!!

Snout the First Wed, 01/03/2018 - 13:17 Permalink

To be the Devils Advocate for a moment, I have seen research that Federal tax revenues are pretty consistently 18% of GDP, with the net affect of Washington's policies being the size of the pie. But with the imbeciles of the-one-party-masquerading-as-two-parties so divorced from reality, it doesn't matter what revenues are. They will find a way to spend 105% of it, then when they get away with it 110%, ad nauseum ad infinitum.

Lord Raglan Wed, 01/03/2018 - 13:22 Permalink

What Stockman isn't considering is that if Trump and Sessions actually go after the oligarchs in this country and grab their money via Trump's freeze Executive Order dated Dec. 21, etc., much like Crown Prince Mohamed bin Salman did to Al Aweed bin Talal, grabbing some-$800 MILLION or something of his money, then maybe we won't be so bad off.  

We take all of that meddler Bill Gates' money, Soros's, Bezos's, and on and on.  Would add up to a TRILLION dollars right there at least.  Oh, and let's not forget the Clinton Foundation either.  There's at least $150 BILLION right there.  The government just needs to freeze it all under the Trump Executive Order once they actually have some concrete evidence to justify the freezes.  

MK ULTRA Alpha Lord Raglan Wed, 01/03/2018 - 14:33 Permalink

Buy popcorn, the show is about to start. Your post is good logic. I've read Clinton Foundation money is off shore in Qatar bank accounts. We'll soon find out.

Over 9000 sealed indictments, Trump executive order to seize assets of slave rings, pedo groups etc., January 2018 declared National Slavery Prevention month. Can you imagine, the largest US slave operation since the end of slavery, (US civil war) under a half black president who condemned the US and white people for what happened before 1865. Can't make this up, kept hearing reports of slavery especially in California and I wondered, how can slavery be allowed in the USA. Then I read about children sex slavery, stolen children, over and over and nothing was being done.

Both Podesta have disappeared, I thought it was because they were afraid of being killed by Murdering Bitch Clinton because of fear they will get immunity if they testified against Clinton. Looks like all the Pizzagate story was true, homosexual pedo rings operating nationwide, recall Clinton used Obama's army of homosexuals for her election. Recall at a NYC homosexual fest, Clinton said we were deplorables, and the homosexual armies were the normal ones. The new correct vision for America, looks like the nation rejected this direction.

Lets bring back honor to America.

In reply to by Lord Raglan

MK ULTRA Alpha Aireannpure Wed, 01/03/2018 - 14:57 Permalink

Recently been buying popcorn with cheddar cheese, but I'll most likely buy some lighter version of buttered popcorn. The show is about to start, the great cleansing, the great purge of evil from America, decency,  restored honor, the end of an era of corruption and evil brought upon our nation by the past four presidents, who all hate Trump, Bush I, Clinton I, Bush II, Obama I and don't forget, Clinton who never made it to Clinton II.

Let the games begin, it's historic, over 9000 sealed indictments. 2018 will go down as the year American honor was restored.  Slowly but surely Trump is extricating our country from the train wreck he has inherited.

In reply to by Aireannpure

CatInTheHat Wed, 01/03/2018 - 13:23 Permalink

This tax fraud is a perfect example of elite looting the treasury.  Welfare for Paul Ryan and his Ayn Rand cronies.

Is this tax fraud even legal or Constitutional?

Meanwhile, Americans sit and twiddle their thumbs, ensconced in Russia gate fraud or self medicating themselves into blissful oblivion.  

MK ULTRA Alpha Wed, 01/03/2018 - 13:27 Permalink

Doom and Gloom Stockman. If Stockman makes $20,000 annually, and the house he wants to buy is $60,000, then the bank would most likely approve the loan.

The US is a $20 trillion and larger economy if unreported gray economy is included. US national debt is just over $20 trillion. Thus the aforementioned example of Stockman's home purchase indicates the US can easily maintain a national debt higher than what Stockman is railing against.

Stockman keeps pushing to cancel social security, a critical old age program. It is interesting, we paid all of our lives, how are we SUPPOSE TO GET OUR MONEY BACK WE PAID IN. Stockman will not answer this question. He is pushing to destroy social security and he is morally and fiscal wrong. I don't understand how people can entertain Stockman's garbage with the same inhuman agenda of destroying so many lives.