A $2 Trillion Dollar Christmas Present
Our Congress and Central Bank has handed us a $2 Trillion dollar annual deficit...and growing.
$60,000 for every man, woman and child for the top 10% of income earners....year after year. Unfortunately the top 10% don't earn that much....NEVER before has America, or any other nation, ever come close to printing this much money out of thin air as no entity in the world as the capacity to loan this quantity.
We are basically counterfeiting our prosperity vs. our dealing with it in The Great Depression.
Imagine 40,000,000 Americans not receiving food stamps
16,000,000 Americans not receiving unemployment benefits
21,000,000 Americans not receiving a government paycheck
and 2/3 of the health care dollars not being spent via medicaid, medicare, and government health insurance...a lot of angry doctors, nurses, hospital administators, and insurance company execs
And we are still not at $2 trillion....not even close.
Instead of dealing with the single most important issue facing America, this Christmas Congress would rather debate about spending even more money on health care with dollars that don't exist.....interesting as we are building and fortifying our troops around the world.
The ultimate question over the Holidays is why should 20,000,000 Americans be unemployed and possibly get kicked out of their homes because their employer can't access credit to pay salaries but 20,000,000 government and Wall Street banking employees still enjoy weekly paychecks who also work for insolvent employers but their employers have unlimited access to credit, regardless of merit or benefit to the economy?
How do you think Greeks or Irish are going to react being forced to make massive cuts for deficits both relatively and absolutely lower than ours???
How will we react when we actually have to confront the issue because no one will be willing to extend credit or accept our currency as it simply no longer has any credibility?
Time for pancakes....1.01.10