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This just in, Estonia — the former Soviet communist captive state — has a better financial rating than the United States.
Here is the U.S. strategic financial situation — a complete joke.
While the public tries to sort out if CBO was right, and the great budget deal only cut $350 million, or the $38 billion widely reported by the mainstream media, Rome is burning.
Besides, who really cares if it’s $350 million or $38 billion when “the Congressional Budget Office’s alternative fiscal scenario—which it sees as politically more likely than its baseline scenario—the federal debt could hit 344 percent of GDP by 2050. Interest payments would absorb nearly all federal tax revenues.”
This why Wall Street’s rally after the Standard and Poor’s rating downgrade of U.S. debt shows is so naive. Wall Street and the international sovereign debt funds and others really believe the U.S. will lower its deficit or its debt.
Here is the hard news: uh, no. Not now, and not while The One is in the White House.
The One is an hidebound ideologue who refuses to listen to anyone.
He added his trillion dollar ObamaCare to a trillion stimulus and now wants trillions in new taxes.
The public is clearly at cut spending, not taxes, but The One and the Senate Democrats simply do not care, a la, ObamaCare.
They will never agree to cuts that are serious — never ever, ever, ever.
And Wall Street and the international money and the Fed’s money printing, notwithstanding, are going to have some hard days ahead when they realize that The One simply will not stop spending.
Once The One gets his debt limit increase, he will keep spending until it is reached.
It is classic irrational behavior of the ruling elite: if we just keep doing what we have been doing, things will get better — despite all evidence otherwise. The elite do not believe the structural and strategic economic posture of the U.S. is so bad that radical changes are needed. They are wrong.
The real wake up call is when Wall Street figures out The One will say anything, but do nothing about the deficit or the debt, and that the Senate Dems listen to what he says and will not oppose him.
Once the global community figures that out, then the dollar and U.S. stock flight will happen with a vengeance.
The U.S. debt will keep going up.
The deficit will keep going up.
Inflation will keep going up.
Gold will continue to rise (it hit an all-time record high, again, yesterday.)
All because the House GOP cannot force their will on the White House or the Democrat controlled Senate, but mostly because Senate Dems will not oppose The One, who says he wants to lower the deficit, but keeps pushing it ever higher.
Turns out the economic joke that the U.S. has become is about to go global, and when it does, the U.S. will suffer irreparable harm.
It is fiction that The One and the Dems want to or will cut the deficit, or lower the debt.
And as long as The One is in office and the Dems control the Senate, lowering the deficit or the debt is total fantasy land.
Which is why the U.S. is fast becoming a fiscal joke.