Quote:
Originally Posted by TropicCat
All I can say is WOW
- The CBO paints two future scenarios for the U.S. budget deficit and the national debt. But it plainly declares that fiscal disaster will strike in EITHER scenario. Furthermore …
- The CBO states that its fiscal disaster scenarios could cause severe economic declines for decades to come, including hyperinflation and destruction of retirement savings.
- The CBO then proceeds to admit that even its worse-case scenario could be understated by a wide margin due to panic in the financial markets or vicious cycles that are beyond control.
- Separately, in its Flow of Funds Report for the second quarter, the Federal Reserve provides irrefutable data that we are already beginning to witness the first of these consequences in the United States: an unprecedented cut-off of credit to businesses and consumers.
- Meanwhile, the Treasury Department shows that America’s fate remains, as before, in the hands of foreigners, with the U.S. still owing them $7.9 trillion!
- And despite all this, neither Congress nor the Obama Administration have proposed a plan or a timetable for averting these doomsday scenarios. Their sole solution is to issue more bonds, borrow more, and print more without restraint.
That is the epitome of insanity.
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Not insanity. It's just business as usual in American politics. Obama's not doing anything different than every American President since Jimmy Carter. It's become 'traditional' to kick the can down the time line to the next administration. If Ronald Reagan could do it, so should everyone else.
This time it's going to be a tight race between Obama's term of office and Armageddon. Place your bets....
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Rick et al,
I'm no copyright expert, but I do believe in making sure folks get credit for their authorship. Let's all try to be diligent about proper quotes and citations. I know Rick didn't intend it that way, but in his note above it almost looks like he authored the portion that was quoted.
All you have to do is add the words "QUOTE" and "/QUOTE" at the beginning and end of what you're quoting (except replace the quotation marks with brackets, i.e. [ ] ) and it will stand out nicely as a quote. Then add a quick link/citation so everyone knows whence it came.
Thanks.
And no one will be surprised to hear me agree that the federal debt is a major problem.