Has something changed? President Obama is budgeting deficits in excess of $1 Trillion per year as far as the eye can see. Alice meet Wonderland.
As seen in this frightening US debt clock , U.S. treasury debt now exceeds US GDP and the administration may exceed the $16.5 trillion debt limit before the election. We are now through the tipping point that started the Japanese and European crises.
Even scarier, unfunded government debts for medicare, social security and prescription drugs are reported at $117 trillion, or the equivalent of $1 million of debt for every taxpayer. This a place of no return. Yet nothing is done because the Dow and Russell stock index stock prices are rising from the Fed money printing operation. The stewards have successfully propped up bank balance sheets and given money to brokerages for buying all kinds of securities. You guessed it- to save the system. The Fed wants you “all in”.
Has this economy really turned the corner? Surely there has been some improvement, but at what cost? Jobs? Take a look at the Labor Participation Rate plunge. A different story than the “recovering” unemployment rate.
This is an election year and the Obama reelection machine is in full throat. The government numbers’ manufacturing business is booming with Goldilocks economists (owned by Wall Street) compliantly in tow.
I don’t blame President Obama and the government agencies. the press, Congress and the Wall Street managers that benefit from the charade. After all, there is a system to save and “4 more years!” Taking the medicine now is too inconvenient and would be unpopular.
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