Tag: bankruptcy

The real fiscal cliff.

But no one … at this point seems to have grasped that [nothing will be solved] unless the avoidance of the fiscal cliff includes measures that radically cut the deficit and end the unspeakable fraud of 70 percent of the country’s $1 to $1.5 trillion federal deficit being covered by phony notes cyber-clicked into existence from the Treasury’s 100 percent subsidiary, the Federal Reserve. No test of psychological confidence will be passed by this charade, nor any test of Grade 3 arithmetic either. The administration swaddles itself in a few weeks of a record-breaking rise in economic-growth and tax-collection rates. But this is only three weeks, and applies to a built-in annual budget deficit of $1.5 trillion on top of an accumulated national debt that took 232 years to get to $10 trillion in 2008 and made it to $16 trillion this year. (And there are still 5 million fewer people working in the U.S. than there were four years ago.) [emphasis mine]

This fake political term, “The fiscal cliff”, is an unmitigated lie, created by politicians to disguise their failure to actually deal with the debt. They are using it to avoid even cutting spending levels back to 2008 numbers, a reduction in spending that would hardly be noticed in the bloated, overweight, and increasingly oppressive federal bureaucracy.