There were a few days when I worried that my 2016 projection of a $40 Trillion federal debt by 2024 might fall flat. That won’t happen, thanks to the ultra-liberal Donald Trump. They’re at $25T now and headed for $30T by September. And, why not? We have an invisible hoax to fear. Plus, we owe it to ourselves.
“I think as we begin to reopen the economy in May and June you’re going to see the economy really bounce back in July, August, September,” Mnuchin said on “Fox News Sunday.”
“We are putting an unprecedented amount of fiscal relief into the economy,” he added. “You’re seeing trillions of dollars that’s making its way into the economy, and I think this is going to have a significant impact.”
Wallace, however, noted that the Congressional Budget Office recently predicted the economy will contract by 5.6 percent for the year and that unemployment will peak at 16 percent in the third quarter.
In response, Mnuchin said that “we’ve never seen anything like this,”
Not in Amerika, no.
Mitch McConnell looks more and more like an escapee from the Muppet ranch every day. And, today, he’s suggesting that the several states file for bankruptcy.
Senate Majority Leader Mitch McConnell said Wednesday he favors allowing states struggling with high public employee pension costs amid the burdens of the pandemic response to declare bankruptcy rather than giving them a federal bailout.
“I would certainly be in favor of allowing states to use the bankruptcy route,” he said Wednesday in a response to a question on the syndicated Hugh Hewitt radio show. “It’s saved some cities, and there’s no good reason for it not to be available.”
Perfect sense, really. The poor students are just screwed. The banks are “too big to fail.” Why not let the states shaft pensioners and all. Maybe the Federal Reserve could do the same – they’d get off free and easy (as usual) while we all get to keep our “fair share” of the debt we owe to ourselves. Brilliant! Statler and Waldorf, make room in the balcony.
Congratulations, voters of Amerika! You and your elected morons have done it yet again, though bigger than ever. Remember waaaay back, like a week ago, when your rats passed the biggest welfare bill in history? The one with the massive grant or loan fiasco for small bidnesses? Yeah, it’s already spent, with nothing to show.
One of the most celebrated pieces of the massive $2.3 trillion coronavirus relief package that’s just over two weeks old is on life support with no deal in sight to resuscitate it.
According to the latest projections, the Small Business Administration’s $349 billion appropriation for loans to eligible firms, which are forgiven if they use the money to keep workers on their payrolls, will run out of money by Friday.
And the Democrats want more money to waste. They’ll get it, and, really, why not? A reminder to the Republican, conservative, better than the Democrats, need a business man!! crowd: you got exactly what you wanted and now you’re getting what you deserve.
President Trump, with the support of Congress, is poised to preside over an unprecedented explosion of government spending that already is set to shatter deficit records and could grow further if plans for more coronavirus relief bills — nearing a potential total price tag of $5 trillion — become reality.
Even accounting for inflation, no modern administration has seen such levels of spending, covering everything from FDR’s New Deal to recession-era rescues in the early part of the Obama administration.
Not to worry: you still have your Constitution!*
*Constitution “temporarily” suspended.
I have some very good news for the pandemically-challenged! We Americans are just swimming in cash. So says one Jon Hilsenrath, writing in the WSJ today amount our collective and growing “mountains of debt.”
The Federal Reserve, the nation’s central bank, will play the critical role of navigating the nation through the rising tides of debt. It sways the cost of debt service, whether inflation emerges and whether banks and other financial institutions can bear the burden of lending that the nation demands.
So far the Fed is getting high marks from President Trump and many economists and investors for moving quickly to make credit widely available, though it faces challenges and uncertainties deciding how far to extend itself and when and how to pull back. On Thursday, it announced more programs to support $2.3 trillion in lending.
I for one, am not tired of the winning! This is known as borrowing your way to prosperity. And, buddy, we’re there! The nifty chart Mr. Hilsenrath embedded in his article shows the grand fact that the nominal debt (not even including the really shady stuff) is now around 250% of the precious GDP. Praise be to someone! You’ll recall that we owe this to ourselves, so we are very wealthy from the accounts receivable point of view. In addition to whatever else they might own, each and every one of our 330,000,000 people in the nation-shaped kind of place can count as an asset nearly $200,000 from that mountain of golden debt.
And, as his strength
Failed him at length,
He met a pilgrim shadow—
‘Shadow,’ said he,
‘Where can it be—
This land of Eldorado?’
Right here in the good old US of Empire, Eddie! The news gets even better! The Fed has announced – maybe more than once – that they’re flooding in another $2.3 Trillion in “gold” so as to “help” us. Something about Alexander Hamilton – and he’s a cool hip-hopper from Broadway or something. This adds a new Everest to the Himalayas of debt they’re created (for us!) in the past few months.
Now, don’t worry if you’re not Goldman Sachs. The money will trickle down to you little, unimportant plebs sooner or later. And, pay no attention to the negative Nancy’s talking about the worse depression ever. Just keep your eyes and your hearts set on your big piece of the mountainous pie. Tell ’em about it down at the breadline. Remember to stand six feet apart.
*Note: This column does not contain echoes when maybe it should. Sorry, I blame the (((virus))).
You weren’t paying attention. There is no pretense anymore about fiscal (or other) responsibility in DC. The next time someone warns that you have to vote Republican or else the Democrats will win, just remind them about this tiny little stimulus Act:
Republicans who have spent the past decade howling about the danger of ballooning deficits embraced the coronavirus rescue package approved by Congress and signed by President Donald Trump, shrugging off past concerns about spending in the face of a public health crisis.
In many cases, the conservatives who backed the $2 trillion bill — the largest economic relief measure in U.S. history — were the very same who raged against the nearly $800 billion economic stimulus package backed by the Obama administration.
But facing the unprecedented threat of a global pandemic — and working under a Republican president who has largely brushed off concerns about debt and deficits — the GOP was willing to overlook an unprecedented flood of taxpayer spending. Leading budget hawk Sen. Pat Toomey, R-Pa., who insisted in 2009 that government cannot spend its way out of a recession, this week joined a unanimous Senate majority that approved what he described as “the biggest government intervention in the economy in the history of the world.”
“This is a response to an invasion,” he told reporters. “This is the kind of thing you’d have to do if we were at war.”
Oh, silly me. I forgot we are at war. That totally justifies sacrificing everything to the very real and visible viral enemy that invaded and took complete control of the dead nation. Carry on!
It no longer exists, if it ever did in other than but theory. The one Representative trying to live up to all the lies the Republicans told in days gone by is the one they want to get rid of. Tweeted the Marmalade Moron:
“Looks like a third rate Grandstander named @RepThomasMassie, a Congressman from, unfortunately, a truly GREAT State, Kentucky, wants to vote against the new Save Our Workers Bill in Congress,” Trump wrote. “He just wants the publicity. He can’t stop it, only delay, which is both dangerous …& costly. Workers & small businesses need money now in order to survive. Virus wasn’t their fault. It is ‘HELL’ dealing with the Dems, had to give up some stupid things in order to get the ‘big picture’ done. 90% GREAT! WIN BACK HOUSE, but throw Massie out of Republican Party!”
Well, might as well do so; he’s just making them look semi-responsible. As an accelerationist, I, of course, support the boondoggle (and the coming versions too).
To fairly spread the blame, I just heard the worthless Italian wonder, Andrew Cuomo (rhymes with “go-home-o”), whine about “the enemy” in this “war” “targeting” – do you see the pattern? – the most vulnerable. This, from the “man” who recently legalized infanticide.
You’re running out of elections to play with, so enjoy what you can. You have ruined your nation.
The following just kind of wrote itself out, perhaps a manifestation of my growing anger with this ridiculous hoax people are buying hook, line, and toilet paper. Or, it might just be another ripoff. The Prince is now considering a national lockdown for two weeks. If that happens, and when it’s over, and nothing has happened but your economy is completely wrecked, then maybe your anger will emerge too.
The Masque of the Red Debt
“And now was acknowledged the presence of the Red Death. He had come like a thief in the night. And one by one dropped the revellers in the blood-bedewed halls of their revel, and died each in the despairing posture of his fall. And the life of the ebony clock went out with that of the last of the gay. And the flames of the tripods expired. And Darkness and Decay and the Red Death held illimitable dominion over all.”
- Edgar Allan Poe, The Masque of the Red Death, 1842
THE “Red Debt” had for over a century plagued the nation. No scheme had ever been so evil, or so impactful. It reduced to ruination and nothingness the currency. All value it supplanted. The bankrupt corpses of the victims littered the land. All was seemingly lost.
But the Prince Faux Prospero was fat and stupid and insouciant. When half his subjects were aborted, he called forth a host of six-hundred-sixty-six of his friends amongst the rich, the beautiful, the lustful, and the wicked. Away they departed into the far hinterlands, where, upon a stout hillock, the Prince had constructed the super-sized-est of McMansions. Gay was their procession. “Pizza” was in the train. Upon their ensconcement, the wardens locked them within and the world without. The world, they felt, could simply burn. Within they were enriched. Without lurked the “Red Debt.”
After some time so secluded, the Prince hosted for the throng a masquerade of some significance.
Six were the rooms of the paraded revelry – a literal half-dozen. These safe spaces were arranged in a manner that required drunken meandering to peruse in full. The Prince was crooked in all affairs, even architecturally. First, the chosen guests entered through the white hall of purity, an apartment bereft of all furnishings and accompaniment – a place of no interest to them. Second, was the beige hall of plenty, of honest endeavor, a room largely empty. The third was the hall of celebrity, wherein every surface mirrored the visages of the gleeful guests, all thrilled to see and to think of themselves. The fourth, the theater of lies, was ablaze with telescreens, each pouring forth a cacophony of disinformation to the amusement of the elite. Fifth, there was the harsh chamber of power, all adorned with flags and columns. There, brash music played in military time. The last – the sixth hall – was shrouded in shades of green and gold, which shimmered bewitchingly. This was the Temple of Usury. Here, in the center of the spacious floor, there reposed and hummed a printing press of vast proportion. From this infernal device, issued a continuous stream of cash money, free and easy for the taking.
Within these strange walls, the Prince and his guests socially distanced themselves from the suffering of The People. Outside, beyond the tall gates and strong walls, a lone man shouted in vain, calling, “End it! Burn it!” None heeded his words or countenance.
Within, the party raged. All about, one fool after another cavorted in garb befitting their collective, contrived status. Few if any noticed among them the appearance of a visitor. Only upon his passage through several of the halls – slowly lurching forth in much the same fashion as the grave stalks the careless youth – did the assorted oddities of his presence take note. A gasp here, a whisper there, but till forth came the shadowy menace. For all in black was he clad, in a robe without shape. A cold air went before him and lingered in his wake. Silent he was. As was suggested by his blank, sterile mask perhaps he had no mouth with which to speak. It was as if he wore a virus as a veil in a successful bid to out-Shylock Shylock.
When, upon some time, he had processed unto the theater of lies, suddenly there in all screens began to flicker and all went silent. Concurrently, in the chamber of power, abruptly halted the jingoist hymnal. So was alerted the Prince Faux Prospero, who heretofore had minded the music which haunted that chamber. From there, he cried aloud, “Churl! Who mocks our advantage with such spectral Corona? Remove thou medical mask, so we might examine our next victim!” His plea ignored by the advancing figure, the Prince broke to within six feet of him, his silver stang raised high and poised. Yet, the strike became stricken, for, with a shriek, there fell dead the False Prince of Prosperity.
Six-hundred-sixty-six rainbow-clad mere mortals, elite no more, ran helter-skelter through the halls as, at last, the silent figure reached the Temple of Usury. Standing before the printing press, he raised his mask upon its elastic bands. Then, all beheld the RED DEBT! He had fallen upon them even as they had fallen upon the ranks of the decent and the poor – his way was deception and by it he now did war. His ghastly hand was laid upon the machine. Six-hundred-sixty-six screaming heathens swooned, swayed, and toppled down – as dead as the culture and society they had of late entombed. The screens all went out and the press hummed its final tone. Room by room went as dark as a gravity well the lifeless halls. And through darkness and death, the Red Debt destroyed all.
So long, fiscal hawks! These rare birds were to the national debt what conservatives, in general, are to everything else – useless.
But with Trump in office, “we’re a lot less interested as a party,” the former budget chief said, calling the growing deficit “extraordinarily disturbing.”
The White House budget proposal released last week abandons Trump’s deficit cutting promises and relies on economic growth assumptions most economists dismiss as unrealistic to pay down the debt.
The Congressional Budget Office predicts the deficit will surpass $1 trillion and government debt will reach 81 percent of GDP by the end of September.
“The fiscal hawks are clearly an endangered species,” Bill Hoagland, a former Senate budget staffer, told AFP. “I really can’t pinpoint anybody that’s willing to step up and clear the plate.”
This is going to end in disaster for America. It’s just a question of what kind of disaster and when. The debt will never be paid down. That raptor flew the coup long ago, back when the hawks still strutted and ruffled their own feathers. It’s going to be canceled – along with all the other fiat-usury-based garbage. Practical politics will fail again, leaving the dissolution to the market and to history. Cue the Breakup song! But, not today. Party today like it’s Trumpteen-99.
Econ. Prof. Austan Goolsbee does so very well, listing three causes. The internet is only one, and the weakest of the three. Number two is probably the most important, and it is directly linked with no. three,
Services Instead of Things: With every passing decade, Americans have spent proportionately less of income on things and more on services. Stores, malls, and even the mightiest online merchants remain the great sellers of things. Since 1960, we went from spending 5 percent of our income on health to almost 18 percent, governmentstatistics show. We spend more on education, entertainment, business services and all sorts of other products that aren’t sold in traditional retail stores.
Spending almost four times as much on health and people are less healthy than ever. So much more on education, yet dumber than ever. The people need the entertainment to take their minds off of losing their economy, etc. And the “business services?” That means paying for financing, sorcery.