Monday, July 25, 2011
The Federal Debt Drama
There are no good guys to root for in this fight. I tend to take a non-partisan stand by calling both sides evil. And, as demonstrated in the recently concluded Minnesota budget battle, deep ideological polarization makes middle ground a very dangerous place to stand.
Oh, sure - it's easy to vilify John Boner for fighting passionately for such tax perks as deductions for private jets and huge tax breaks to corporations in agribusiness. Boner musters the same evangelical fervor with which he successfully defended Bush's tax giveaways to the rich.
As always, I ask this question of the Republicans: Why is borrowing better than taxation? Why does capping the debt get portrayed as a rather admirable idea, but if it comes down to it, the rich shall have their cake no matter what?
The Dems might play nicer theme music, but under the facade it's the same old ruse. Sure, Clinton balanced the budget, but presided over the inflated 90's bubble economy that had to burst sooner or later. Now they agree with Republican rhetoric that the spiraling debt must be reined in, but a similar question needs to be asked of them; is borrowing better than cutting their favorite pet programs? (Of course, pork spending is popular with both parties)
What neither side tells us is the truth - that the Federal Reserve is not a government agency, but a private bank. The debt we are incurring is not "owed to ourselves" but puts us in hock with some really powerful players. Who are they? We don't know, but who on earth has more money than God, who can keep the money spigot flowing every time Congress raises the debt ceiling? It seems reasonable to conclude that these super Banksters must have something in common with the shadowy Powers-That-Be that rules the world. We are likely in deep debt to some sinister forces.
Another truth we are not told is that borrowing from the banksters is not necessary - The US Treasury has authorization under the constitution to print money. Alas and alack, the last time this was tried resulted in the white house occupant having his brains blown out by high powered rifles. No subsequent leader has shown any desire to follow in those footsteps.
Still another painful truth must be told: The shadow of the 2nd Great Depression is falling upon us, and the federal government has shot its anti-recessionary wad with little to show for it. Four trillion has been added to the national debt, which probably could have paid off every mortgage in the country. Where did it go? More importantly, what is left to combat the seemingly inevitable double-dip? During Act I of the new depression, unemployment benefits kept many going and shored up consumer spending. Now, with many exhausting their benefits, and social programs on the debt reduction chopping block, we face the possibility of Act II playing out with grim scenarios of homelessness and hunger fueling enormous social instabilities. The dreaded double dip could arrive like a tsunami with little or no cushion remaining.
Of course, much of the deficit cutting could fall on the bloated military budget, and this country could reconsider its role as Evil Empire enforcer of the world. A tax on Wall Street operations and Bankster profits would provide a significant increase in revenue, but of course, our congress -talking both parties now- are bought, paid for and owned by those very same Banksters. Therefore this does not seem like a plausible possibility.
I recently spotted a bumper sticker that says it all: "Politicians should dress like NASCAR drivers - At least then we would know who owns them".