May 26, 2023
The debt ceiling....All Congress is doing is saying there will be cuts in spending over the next ten years. So "give me a hamburger today for which I will gladly pay you next Tuesday". And two years from now a new Congress will change that. Fool me once. Biden gets the 1.7 trillion spending today. Inflation continues apace. The collision course with reality is coming on...so the show goes on. And both the Congress and Biden are in the kabuki show.
Money today is worth more than money in the future. Besides, the cuts will never come. We are running 33% in the hole every year. Only productivity could somewhat mitigate this. And the country is drowning in new regulations cutting productivity.
Not to mention a war cooked up in Ukraine to continue money laundering, and the cutting of oil and gas production in the country. We are screwed.
It's like termites eating your home's infrastructure. You don't see them, the house looks as sturdy as ever. But one day there comes a storm and the whole house collapses.
That's where our economy is headed. We have hollowed it out with all this spending.
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