Are YOU PREPARED for a 50% WAGE CUT????
June 1 (Bloomberg) -- Treasury Secretary Timothy Geithner arrived in Beijing with a pledge that the Obama administration will control its borrowing as he sought to reassure China its holdings of U.S. government debt are safe.
“No one is going to be more concerned about future deficits than we are,” Geithner told reporters on the way to two days of meetings that start today in China’s capital.
Interesting....as Obama faces evaporating tax revenues with exploding entitlement costs in part due to a Zombulation policy...at this point the ONLY way to control deficits is fire workers, cut wages, and eliminate entitlements. All of these actions will only slow the economy further resulting in millions of job losses and tens of millions of wage reductions.. if borrowing is curtailed even more... it will very likely result in 30-50% unemployment and/or massive wage cuts.
At this point, it is very clear that many CAPs players have little clue what rests ahead.....but Alstry has little doubt that soon many of your heads will clear.