In his latest commentary, Peter Schiff blasts Congress for the feeble budget agreement made this week. It’s becoming obvious that Washington has no intention of addressing the financial calamities that lie before us until it is too late. Make sure you’re prepared when it comes time to abandon ship!
“Earlier this week Congress tried to show that it is capable of tackling our chronic and dangerous debt problems. Despite the great fanfare I believe they have accomplished almost nothing. Supporters say that the budget truce created by Republican Representative Paul Ryan and Democratic Senator Patty Murray will provide the economy with badly needed certainty. But I think the only surety this feeble and fictitious deal offers is that Washington will never make any real moves to change the trajectory of our finances, and that future solutions will be forced on us by calamity rather than agreement.
There can be little doubt that the deal resulted from a decision by Republicans, who may be still traumatized by the public relations drubbing they took with the government shutdown, to make the 2014 and 2016 elections a simple referendum on Obamacare. Given the ongoing failures of the President’s signature health care plan, and the likelihood that new problems and outrages will come to light in the near future, the Republicans have decided to clear the field of any obstacles that could distract voters from their anger with Obama and his defenders in Congress. The GOP smells a political winner and all other issues can wait. It is no accident the Republican press conference on the budget deal was dominated by prepared remarks focusing on the ills of Obamacare.”
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The US currently owes 1.6 * 10^13 Dollars.
When you have to use scientific notation to keep track of the US Gov Debt you know how it will end.
To taking advice from academic economists makes as much sense as taking flying lessons from a play station pilot.
For them there are no consequences when there is a crash, they still get paid.