Says the Chairman of the Fed, "Having a large and increasing level of government debt relative to national income runs the risk of serious economic consequences," Bernanke told the House Budget Committee. "Over the longer term, the current trajectory of federal debt threatens to crowd out private capital formation and thus reduce productivity growth."
Holy crap, do you need a degree from Wharton to be able to figure out such esoteric principles?
You are right…I also see that our non-partisan Congressional Budget Office (CBO) is reporting that our nation’s unemployment rate will likely CLIMB to 9% by election time this November! Remember…Obama told us that our nation’s unemployment would never go above 8% if we simply gave him a TRILLION dollars (as part of his government “stimulus” program). Speaking of a TRILLION dollars of money we don’t have to spend…I see that the CBO report is projecting the federal deficit will top $1 trillion AGAIN this year — making Obama the first president ever to pile up $1 TRILLION (and more) EVERY freakin’ year he has been in office!
ReplyDeleteRemember that the unemployment rate is not "how many people don't have jobs?", but according to our Bureau of Labor Statistics (BLS), it is "how many people don't have jobs and are ALL actively looking for them!" Let's say you've been looking for a job for months and realize you've exhausted every job listing in your area. Discouraged, you stop looking…at least for the moment. Well, according to the BLS, you're no longer "unemployed". I guess congratulations are in order, right?
So when you take this into consideration, the REAL unemployment numbers for our country is more likely around 11 to 14%. That number is calculated under the following definition: “Total unemployed looking for a job, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force (taking a lesser job).”
Bottom line…somebody is going to have to say NO to all of this spending. Somebody is going to realize that government does NOT produce jobs but it is the private sector that creates economic growth!
Whoever gets elected is going to have to be very thick skinned if they are serious about tackling this mess. They will be vilified, called racist and hate mongers for even suggesting cuts to our federal budget…but IT HAS TO BE ADDRESSED and not dismissed by whoever is going to lead this country come January of 2013.