I have a rather important question, but let’s allow Ben Bernanke to do his little song and dance for Charles Djou about how the government has no fiscal exit strategy from the current monetary policy that was put in place to keep the economy from collapsing.
I almost passed by this video because it is so much of the same old schtick from past and present administrations. It is more than obvious that the people at the helm appear to have no clue while they are busy taking the necessary steps to bring the United States’ economic situation more in line with the rest of the world’s economies.
Especially after you see a headline like this:
Tue Jun 8, 2010 6:19pm EDT
WASHINGTON June 8 (Reuters) – The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.
The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.
“The president’s economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt’s massive drag on our economy,” said Republican Representative Dave Camp, who publicized the report.
He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.
Here is the question. Is the American taxpayer relevant anymore? If we were all to stop working, producing, and paying our taxes, would the current WH, Congress and Fed Board of Governors even notice, or would they just keep printing money and using the fiscal credit card? I wonder how many Americans would agree that we need to give the Palestinians $400 Million when Detroit looks like Mogadishu, and real unemployment numbers are hovering around 20%?
I think we need an answer to the first question, and soon…