Just Like Deadbeats
I feel so good that our government has helped us out of a crisis, I could just puke! In the first place, it was a manufactured crisis. Any administration, willing to work at it, could have prioritized payables and made do with the $2 trillion that we sent it to manage the needs of the country. In the second place, it didn’t cut anything.
Baseline budgeting has a built-in 7 percent-a-year increase, unless it is modified. Whenever our benevolent leaders want us to think they are cutting back on spending, they cut back on the increases.
They also put it in 10-year terms, so it will sound better. While increasing the amount of money we can borrow immediately by $2.7 trillion, making our debt $17 trillion, they cut spending by the same amount over 10 years. So we keep the 7 percent a year increase in our debt and add $2.7 trillion to it almost immediately. So the debt will increase by $1 trillion a year for the 10 years that we are only going to cut $2.7 trillion. That means our debt will be well over $27 trillion in 10 years.
Is it any wonder S&P lowered our credit rating? I think they were pretty generous. I would call a family who wanted to act like that “deadbeats.” That family would have spent $3,800, while only making $2,100. They would have added $1,600 to their credit card that presently has a balance of $14,000. To solve the problem they cut $38 from their monthly budget. Wouldn’t you call them ”deadbeat,” too?
For your information, none of our representatives had the backbone to vote against it. I guess they didn’t want to be accused of terrorism, as were the members of the tea party.
More like this story