Pathetic: Debt Jumped $72 Billion Same Day House Voted to Cut Spending $6 Billion

March 17, 2011 06:48

Like Alice in Wonderland the US “leadership” has fallen down a rabbit hole and can’t find its way. Does congress need a 3rd grade math lesson?

By Michael Whipple, Editor

Like Alice in Wonderland the US “leadership” has fallen down a rabbit hole and can’t find its way. Does congress need a 3rd grade math lesson?

The only thing propping up our economy is the fact that the US is the best of the world economies that are all in crisis. Obama’s own bipartisan commission established to study the debt problem headed by Erskine Bowles and Alan Simpson co-chairs explained the dire consequences of continuing deficit spending and rising debt. Alan Simpson (former senator from WY)  said economic collapse will ‘be very swift and very dramatic’. When asked why the markets haven’t reacted to the US being on the precipice of collapse, Erskine Bowles said its because the US economy is  “the best lookin’ horse in the glue factory.”

As a senator Obama chastised Republicans saying a debt increase was ‘a sign of leadership failure’. Now that he gets to direct the money to his supporters Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined and is proposing another record breaking deficit of $1.65 trillion for just one year.

Former Treasury Secretary Rubin said the debt crisis could explode any minute. Secretary of State Hillary Clinton told the Council on Foreign Relations that our national debt is a national security risk echoing previous statements by Joint Chiefs Chairman Admiral Mullen, head of U.S. intelligence – Dennis Blair, and all of America’s intelligence agencies. Maybe someone should start paying attention.

In June of 2010 Obama’s own Chairman of the Joint Chiefs of Staff, the head of all military operations, Admiral Mullen said “the biggest threat to our national security is our debt.” Yet our government “leadership” continues to increase the debt by over $4 billion dollars per day.

Over 50% of our debt is borrowed from foreign nations. 25% of it is from China, a communist dictatorship. A new ad in part of an ongoing communications program in CAGW’s decades-long fight against out-of-control deficit spending, and a crippling national debt that threatens the future and survival of our country shows a futuristic result of our continuing reliance on China as a lender.

Our debt is so large that the world cannot or will not loan us enough money to keep spending. The solution is for the federal reserve to create money out of thin air and use it to buy our debt. This is politely referred to as quantitative easing by Fed Chairman Bernanke.

Harry Schultz, famed investment adviser and newsletter author, wrote in his final newsletter:

Roughly speaking, the mess we are in is the worst since the 17th century financial collapse. Comparisons with the 1930’s are ludicrous. We have gone far beyond that. And, alas, the courage & political will to recognize the mess & act wisely to reverse gears, is absent in the U.S. leadership, where the problems were hatched & where the rot is by far the deepest.

God help us. It is becoming evident that neither our looking glass congress nor our socialist president will.

By Michael Whipple, Editor

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