printThe same economists who’ve insisted on billions in bailout and stimulus monies now say the country’s debt is unsustainable.
The same president who ballooned Bush’s bailouts, authorized astronomical outlays, deepened the socialization of the economy, and now carps about the need for more of the same—trillions in healthcare expenditure and crippling cap-and-trade costs—the same sod complains that the debt “keeps me awake at night.”
The same Counterfeiter-in-Chief, Ben Bernanke, who turned his snout up when Rep. Ron Paul questioned his sanity and the source of his authority, is now lecturing the numskulls in Congress that “Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth.”
Only a few weeks back all these government gurus, and the pundits in their peanut gallery, insisted that digging America out of the financial grave is a long-term goal. For the short term, it’s stimulus time, baby. “Show me the fake money, shower me with cheap credit; and send me sailing on a ship of fools.”
(See “I.O.U.S.A.”)
Amidst reports that, at $11.5 trillion, “the overall debt is now slightly over 80% of the annual output of the entire U.S. economy, as measured by the gross domestic product,” that “this year’s deficit is now estimated at about $1.85 trillion,” that the nation’s full (unfunded) obligations stand at around $60 trillion, and that each one of us has been saddled with roughly $184,000 of state debt—Paul Krugmanites and their acolytes now tell us that, “We are on an utterly unsustainable fiscal course.”
Of course, we on BAB, and all fellow adherents of the Austrian school of economics, have been sounding the alarm for years and with the following caveat: we have only ever advocated allowing the economy to contract and purge the malinvestment poisons.
Do I need to remind you that the aforementioned criminals have refused to concede that a contraction was a good and necessary thing; that the same creeps are in the habit of pathologizing an economic downturn by using terms such as “deflation,” and calling for government to step in and pick up the slack by spending—measures that have resulted in what is a depression by any other name.
That’s called Voodoo economics (also Keynesianism.)
Throw these bums out, and that includes the “Republikeynesians”.
You’re getting too cynical. The Pharaoh need only cock an eyebrow (the left one) and the Nile will flood and provide the Pharaoh’s children with bountiful crops.
In all seriousness, I guess all those Messianic campaign promises have vanished down the memory hole. Didn’t he say at one point that his election would signal the rolling back of the tides?
It’s going to be a fascinating 3 1/2 years.
I don’t think we have 3 more years.
Keep an eye on what happens in California. This state has been a bellwether for social trends for decades. Will be interesting to see the fiscal outcome of this Mexican colony.
California leads, good, bad or otherwise, and many other states will follow.
I think Gerald Celente is correct: Tax riots are forthcoming.
Even in inflated $2009 pseudodollars, federal spending has gone up 4 fold (or double/person) since 1962:
manyeyes.alphaworks.ibm.com/…/federal-outlays-1962-2009-2009-m or 9th entry under GOOGLE – Federal Budget 1962.
Defense is higher against the Taliban now than under the Soviets at the time of the Cuban Missile Crisis, “human resources” has gone up sky high, and interest of the debt is a monstrosity – and this is with low interest rates. It is truly frightening. Every job we “save” costs 2 destroyed but not seen.We are approaching a national abyss and stepping on the accelerator pedal. Sleep well, Obama!
Would that these parasites read the Austrian Theory of the Trade Cycle. But then we would have to assume that they would comprehend it after having read it. More than likely they would ask, “How do we fit that approach into 30-second soundbites so that we can get re-elected?” I believe the exchange between Ron Paul and Bernanke should be played over and over again when Obama and his cadre of followers begin talking like they know what economic viability is all about. Chodorov said it best: Economics is not politics.
“The same president who-… authorized astronomical outlays, deepened the socialization of the economy, and now carps about the need for more of the same—trillions in healthcare expenditure and crippling cap-and-trade costs… complains that the debt “keeps me awake at night.”
If he spends the day trying to figure out new ways to expand the debt and worries all night about the expanding debt, he must really be superhuman, ordinary people have to get some sleep sometime. Of course if he did really worry at night, he would stop doing what he does in the day, wouldn’t he, so we have a dichotomy? We do live in interesting times.
Self proclaimed “Messiahs” are quickly swept into the dustbin of history. It will be no different for Messiah “O”. It will be how much damage will he do in the meantime.
I agree with Roger Chaillet, watch Ca ,as our economy in Ca. continues to deteriorate with the issuing of IOU,s,etc., this will probably spread to most if not all states in the near future.
Martin Weiss on Ca
http://www.moneyandmarkets.com/day-of-reckoning-8-34512
Martin Weiss The Great Lie of 2009
http://www.moneyandmarkets.com/the-great-lie-of-2009-5-34534