For some reason, he chooses to leave out entirely the blatant crony capitalism in his account of the “Fiscal Cliff” bill at the end of last year.
National Parks will close, lines at airports will extend, safety of food will be compromised. In short it’s the federal version of “firing the firemen first.”
There is an old adage when it comes to cutting government spending at the local level, “Fire the firefighters first.”
The President is still not happy. In the recent fiscal cliff deal he got, taxes went up versus cuts 41 to 1. Now he’s warning Congress about not raising the debt limit. “We are not a deadbeat nation.” he says. We are however a nation with spending habits which appear to be of a clinical level of concern.
There is a lot of smoke and mirrors in mainstream economic news these days. There always has been. The wizards always seek to manage expectations and manipulate public sentiment in what they consider to be the right direction. But things have gotten much worse over the years, especially since the Federal Reserve began its “Magical Monetary Tour” as David Stockman calls it in 2008.
The financial planers of the rich were very busy leading up to the ball drop on New Years Eve. Everyone from George Lucas to families with long ailing patriarchs had to make some tough decisions. (In the latter case whether to take great grandpa off of life support.)
If you don’t know already the fiscal cliff deal done earlier this week is full of tax credits to big businesses of all sorts. That’s bad enough, but it appears that the money going to these businesses is actually more than what the new taxes will raise.
The gall of the lobbyists is astounding. Here we are, teetering we are told on the edge of a “fiscal cliff.” Below us is the abyss of renewed acute recession (depression). We must do something! Anything! Just don’t let us go off the cliff!
We posted this last Fall when it originally aired, but the video is even better now. Stockman calls it dead on.