There was a news item a few days ago that got very little attention yet was perhaps the story of 2012 less than two weeks into the new year. It should have been front page above the fold with a bold, red headline. The total debt of the United States now exceeds our Gross Domestic Product, or
“The 100% mark means that your entire debt is as big as everything you’re producing in your country.”
“Economist Mark Zandi of Moody’s Analytics says reaching the 100% mark shows ‘the grave need to address our long-term fiscal problems.”
Welcome back my friends to the show that never ends
We’re so glad you could attend
Come inside! Come inside!
Come inside, the show’s about to start
guaranteed to blow your head apart
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Guaranteed to blow your head apart
– – Emerson, Lake and Palmer (edited)
“Top Democrats and Republicans in Congress prepared new proposals to avert a government debt default and a potential global financial crisis.”
That’s the lead paragraph from a story in today’s paper. What should scare you is when Democrats and Republicans agree on something the public generally gets screwed. I believe that both sides realized that they set up this “battle” and now that the public is watching they are not sure how to get out from all of the rhetoric that they have been spreading. What both sides agree on is that they both want desperately to get re-elected and regain power. Even a little power is better than none and they are more than willing to squander our money, our children’s money, and our grandchildrens’ money to maintain their power. Here are few facts as I see them:
The latest “man-caused” disaster looming according to the drive-by media is a massive federal government shutdown. According to most reports the Republicans are holding Obama’s feet to the fire to secure nominal budget cuts in order to pass the budget. I characterized the desired cuts as nominal because what is 60 billion dollars in a budget well over a trillion dollars. Here at FramingTheDialogue I like to frame the issues using the truth and in this case there are the following factors:
- It is the responsibility of Congress and the President to pass a budget before the fiscal year begins.
As TEA party, conservative (and even Andrew Cuomo) governors take swings at trying to prevent their states from bankruptcy all options to balance budgets are on the table. Unfortunately for many previously “favored” programs raising taxes in a crippled economy will not go over well with the voters and so axes are swinging toward their tax dollars or teat if you wish.
We were blessed on Valentine’s Day with the release of the Obama Administration’s 2012 budget proposal. The cover of the document perhaps should have been red, but give him credit Obama is coming out swinging in defense of his vision for our economic future (sound of toilet flushing in the distance). It is an interesting tactic to produce this and immediately have his lackeys and media dogs go on the attack because the Republicans have not given their proposal for the 2012 budget. Perhaps that is because they are working to cut from the current budget before taking on the next one. The 2011 bloated Democrat budget is not a done deal.