The self-professed financial demi-god FED-Chief hypster Jerome Powell
admitted this past week that our Federal Budget is very “Unsustainable” but
incorrectly assumes that it is an easy fix later; through the past 6-months of
our fiscal year 2021our punch-drunk spending-crazy government ran a record
$1.7 trillion budget deficit. During an online seminar sponsored by the
Economic Club of Washington DC, Powell stated this week that our economy can
handle the current debt load {what is he smoking}. But he did warn that the
long-term trajectory of the US budget is unsustainable.
He stated “The US federal budget is on an unsustainable path, meaning simply that our unfunded deficit/debt is growing meaningfully faster than the economy. And that is by definition unsustainable over time. It is a different thing to say the current level of the debt is unsustainable. It is not. The current level of debt is very sustainable. And there’s no question of our ability to service and issue that debt for the foreseeable future.” However he failed to note that they only way to service that debt is to manipulate interest rates down to historical lows for many-many-many years out into the future “the facts are undigestible”! Powell said the US government will eventually have to “get back to a sustainable path.” But he gave no timeframe! “That is something that is best done in good times when the economy is at full employment and when taxes are rolling in. This is not the time to prioritize than concern. But it is nonetheless an important concern that we will ultimately have to return to again when the economy is strong.”
I have news for the Financial-Demi-God Newsflash this will
never happen with him and his cronies screwing up our monetary policies. If you remember my previous writing over the
past 4-8 years our government was on a massive borrowing and spending spree
[under the King-Trump and Obama administrations] long before the Covid-19 pandemic
developed, and it will remain on this path as far as my old eyes can ere until
their stupid path runs off the cliff like Wile Coyote.
It is extremely easy to just brush off the current government spending spree “due to the Covid-19 response.”. Virtually everybody being pranced about on the various financial networks [who reaped significant benefits from the massive fiscal stimulus, purely greed induced hype] agrees the stimulus was extremely necessary to deal with the economic negative economic impacts of the self-inflicted shutdown due to Covid-19. But if you had been reading my materials over the past 4+ years you would have noted that the King- Trump reckless spending administration was stimulating (massive bailouts) long before the Covid-19 crisis. I found the King’s lies were a blatant massive Ponzi-scheme “purely a joke on the American people” as repeatedly during his campaign King-Trump promised that he would deal with the skyrocketing national debt and that only he could fix it he also stated repeatedly he could take care of it “fairly quickly and easily.” And like all his incessant empty promises it never happened nor did he have any intensions of it happening. And he cannot blame the Covid-19 pandemic. AS due to ridiculous tax and spending policies the King-Trump administration ran huge deficits in the years preceding the outbreak. The budget deficit in the calendar year 2019 was over $1 trillion. And as you recall from my writing the King’s incessant public mantra “that the economy was booming because of the stock-market’s rise” . King Trump kept calling it “the greatest economy in the history of America” and as such would this not be the greatest time to tackle the ballooning deficit/debt budget problem? And let us never forget that “King-Trump’s main ass kisser” FED head Powell he was at King of the FED during this time.
So I ask the new $64,000 question, if the so called fiscally responsible Republicans weren’t willing to address the debt, does anybody actually think that the Placating Biden administration and his Democrat cronies will do it...if you think so, it is time for you to check into a drug-rehab facility as you are high 😊 as after ramming through (he took lessons from the Mitch McConnell republican leader) a massive stimulus package, he is now looking to borrow (more deficit/debt) and spend on a massive “infrastructure” bill...despite their party affiliations politicians will always find a reason to borrow and spend money that they do not have or have any clue as to determine how to pay for their reckless spending.
Please reflect upon and read a letter from our founding
fathers as in a
letter to James Madison, Thomas Jefferson asserted that we have no right to
bind future generations to pay our debts. Politicians do the popular thing now
to secure reelection tomorrow, with little concern for the long-term
consequences. They hide the deteriorating economic house of cards behind
government support programs. Powell is right when he says the federal budget is
on an unsustainable path. But in my opinion, he is DEAD wrong to imply anything
positive will ever be done about it.
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