Under the threat of the government running out of its ability to borrow more money sometime this week, unable to make tough decisions that we elected them to make, and more desirous of getting re-elected than of being faithful to the Constitution and to basic Economics 101, congressional leaders reached a deal last night that pleases no one and displeases everyone.
It’s not yet certain that this deal will become law, as there are Democrats who think it needs to raise taxes and Republicans who think taking on more debt is insane, but the weak-kneed compromisers who run the Congress did come to a meeting of the minds with the socialist impulses of the White House and agree that there are enough votes in the Congress to permit the Treasury Department to add $2.4 trillion to the national debt; driving it from $14.3 to $16.7 trillion.
Put into perspective, that means that President Obama will have added nearly seven trillion to the government’s debt during just one term in office. And during that term, unemployment has gone from 7% to 9.2%; and milk, cotton, and gasoline have all gone up over 40%.
The Politics of Economic Meltdowns - Fox Business
It’s not yet certain that this deal will become law, as there are Democrats who think it needs to raise taxes and Republicans who think taking on more debt is insane, but the weak-kneed compromisers who run the Congress did come to a meeting of the minds with the socialist impulses of the White House and agree that there are enough votes in the Congress to permit the Treasury Department to add $2.4 trillion to the national debt; driving it from $14.3 to $16.7 trillion.
Put into perspective, that means that President Obama will have added nearly seven trillion to the government’s debt during just one term in office. And during that term, unemployment has gone from 7% to 9.2%; and milk, cotton, and gasoline have all gone up over 40%.
Oil Tanks India manufacturing facility.
The Politics of Economic Meltdowns - Fox Business
