Thursday, February 28, 2013
The Decline Of The Republic
Maxine Waters thinks that 170 million jobs will be lost due to sequestration. 170 million. She calls that a "setback". We only have, by the most generous measure, 143 million people working, so I'd call it more than a setback. More like "Asteroid Sequestration hits, wipes out all US life."
Of course, if you are that numerically illiterate, perhaps 2% cuts do cause you to fear disaster.
I'm REALLY depressed.
Clowns making balloon animals fear 2% cuts. I'm not suggesting that correlation proves causation though.
That said, 170 million jobs lost? Here's a better video that describes the thought process.
In my opinion, the supposed negative impact on the economy that will result from the sequester is not only over-hyped, but it is outright incorrect. The government does not invest OPM in productive ways. Most of it is spent on consumption (i.e., consuming that which has already been produced). When the government taxes or borrows in order to get OPM, those Other People by definition have less money to spend or invest. I welcome the sequester as one of the only positive factors coming from Washington in a long time.
I'm concerned that most of the cuts come from DoD, and that the decision very well might be to cut muscle, not fat.
Congressional fools and windbag Senators are nothing new and not worth your worry, if I may be so bold. I advise a viewing of "Lil' Abner", the musical. I agree with JC to at least a certain extent--it's no good looking to Republicans or Democrats to save the situation. That ship has sailed, and it's the Titanic.
If anyone is to fix things, they will come from a new power structure outside the existing system. Tending to that eventuality is worth some thought.
Remarkable comments from the Fed on student loan delinquencies...now at 30 percent...cannot afford to buy homes or houses...
CF - I think the sequester needs to go into effect. It seems we need some practice on how to deal with these matters.
Mark - But that's so cheerful! We need a sadder-sounding horn. Like a foghorn.
Note to self: Include foghorn video in an exponential trend failure post during the next recession. Genius!
That's assuming, of course, that the experts are wrong about the Fed permanently putting a stop to all future recessions even as our economy remains hopelessly weak.