America Plunging Into Bankruptcy While DC Plays Politics As Usual
July 15, 2010: Eric Blair / Activist Post – July 15, 2010
More deficit uproar is coming out this week to reveal the quickening pace of the planned implosion of the U.S. economy while politicians wear out the same old arguments. The AP reported Tuesday that the Federal budget gap topped $1 trillion through June with the sub-headline amid GOP resistance to more government spending, which went on to state:
The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government’s finances.
In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion. That’s down 7.6 percent from the $1.09 trillion deficit run up during the same period a year ago.
Worries about the size of the deficit have created political problems for the Obama administration. Congressional Republicans and moderate Democrats have blocked more spending on job creation and other efforts. Republicans also have held up legislation to extend unemployment benefits for the long-term jobless because of its effect on the deficit.
This story comes on the heels of the IMF pressuring the U.S. to reduce debt and China’s top credit rating firm downgraded the United States and other western countries. The deficit panic mode is ramping up the rerun political show as fiscal conservatives echo the age-old mantra “cut taxes and spending” while the progressives pretend to be for the little guy and demand more public spending. However, every economist (and central banker) worth their salt knows that when the money supply contracts the economy goes into a depression, while expanding the money supply to the consumer class stimulates economic growth.
Incidentally, cutting taxes for the consumer and small business class will add money supply to the real economy, as will targeted spending programs on the least among us who must use those funds to consume. Both political parties are selling partial truths to the public based on their ingrained manufactured principles. Sadly, the Federal Reserve, the U.S. Treasury, and Cartel of private banks designed the system so that the money must funnel through them first, and thus they will decide how and when to inject it into the economy. To America’s demise, they’ve done nothing with this money but hoard, consolidate, and front-run for their own gain. Today, JP Morgan reported a 76% increase in profits for their second record-breaking quarter in a row while the real economy sputters to destruction. In other words, the banksters are looting and raping while the poorest and neediest Americans continue to suffer. Dylan Ratigan clearly and angrily explains the situation to Congressman Brady in video at the link below:
The AP article, using the boilerplate mainstream answer, vaguely explains where all the money went:
The deficits have been driven higher by the lingering effects of the worst recession since the 1930s. About one-third of the higher deficits in this period are a result of a drop in government tax revenues.
The other two-thirds of the deficit increases reflect higher government spending to stabilize the financial system with the $700 billion bailout program and the $787 billion stimulus program that Congress passed in February 2009. The increased spending also reflected added demands for such programs as unemployment benefits and food stamps.
Through all this you may be asking yourself, since when did any politician really care about the deficit? Sure, some of them talk tough, but when it comes down to brass tacks, they all spend like it’s copper. Congress seems to always find the money for the criminal financial system, the unending unjustified wars, billions in foreign aid to unsavory allies, billions more in subsidies to foolishly profitable oil companies or GMO giants, and of course plenty of funds to further track, trace, and database the “Perfect Citizens.” These programs, by design, don’t seem to leave much left for programs that actually benefit the taxpayer directly. In fact, it seems like our government chooses to fund programs that do nothing but harm and imprison the average taxpayers who fund them.
The depression-by-design is moving forward and the looting is continuing as planned. The one wild card is whether or not the controllers will keep giving the peasants enough crumbs so they don’t revolt, or if they indeed want and expect a revolt.
I’m reminded of Grover Norquist’s famous quote outlining the demolition by design, “Our goal is to shrink government to the size where we can drown it in a bathtub.” Well, the Neo-con architects obviously grew government by leaps and bounds, in addition to the explosion of the use of private government contractors, which has only been expanded under Obama. Perhaps what Norquist really meant was they wanted to “reduce and weaken America” so that this small group can kill her completely.
Ron Paul: The People Can Handle The Truth About Unemployment And Inflation
The Tonka Report Editor’s Note: For another excellent read comparing FDR (Obama’s ‘hero’) and the Great Depression to the economic implosion today, go to the link below… – SJH
Obama And FDR: Failed Economic Policies
Link to original article below…
Written by Steven John Hibbs
July 15, 2010 at 2:09 pm
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