The Cost Of America’s Deficit Spending Addiction
Thanks to a blitzkrieg of new “revenue enhancements” (a.k.a. tax hikes) – and a moYou must Subscribe or log in to read the rest of this content.
Thanks to a blitzkrieg of new “revenue enhancements” (a.k.a. tax hikes) – and a moYou must Subscribe or log in to read the rest of this content.
28 comments
Fiat paper debt-backed dollar will become worthless.
Get out of the U.S. dollar!
Fiat paper debt-backed dollar will become worthless.
Get out of the U.S. dollar!
Term limits.
Term limits.
Agency Busy Spying on Three Hundred Million People Failed to Notice One Dude Working for It
WASHINGTON (The Borowitz Report) — A U.S. intelligence agency was so busy spying on three hundred million Americans that it failed to notice one dude who was working for it, a spokesman for the agency acknowledged today.
“I guess we were so busy monitoring the everyday communications of every man, woman, and child in the nation that we didn’t notice that a contractor working for us was downloading tons of classified documents,” the agency spokesman said. “It’s definitely embarrassing, for sure.”
Despite having an annual budget in the neighborhood of ten billion dollars, the agency had no idea that a dude who was working for it five days a week was getting ready to send those classified documents to a journalist who would then tell everybody in the world.
“Maybe if we hadn’t been so busy keeping our eye on those other three hundred million people, we would have noticed that this one guy who was working right under our noses was up to something totally fishy,” the spokesman said. “But you know what they say about hindsight.”
As for where that guy who leaked the documents was planning to go next, the spokesman admitted, “We don’t have a clue.”
“I know what you’re thinking — an intelligence agency probably should know that Hong Kong has an international airport and that its departures board lists flights to Moscow and whatnot,” the spokesman said. “I don’t know what to say. Maybe we need a bigger budget or something.”
Agency Busy Spying on Three Hundred Million People Failed to Notice One Dude Working for It
WASHINGTON (The Borowitz Report) — A U.S. intelligence agency was so busy spying on three hundred million Americans that it failed to notice one dude who was working for it, a spokesman for the agency acknowledged today.
“I guess we were so busy monitoring the everyday communications of every man, woman, and child in the nation that we didn’t notice that a contractor working for us was downloading tons of classified documents,” the agency spokesman said. “It’s definitely embarrassing, for sure.”
Despite having an annual budget in the neighborhood of ten billion dollars, the agency had no idea that a dude who was working for it five days a week was getting ready to send those classified documents to a journalist who would then tell everybody in the world.
“Maybe if we hadn’t been so busy keeping our eye on those other three hundred million people, we would have noticed that this one guy who was working right under our noses was up to something totally fishy,” the spokesman said. “But you know what they say about hindsight.”
As for where that guy who leaked the documents was planning to go next, the spokesman admitted, “We don’t have a clue.”
“I know what you’re thinking — an intelligence agency probably should know that Hong Kong has an international airport and that its departures board lists flights to Moscow and whatnot,” the spokesman said. “I don’t know what to say. Maybe we need a bigger budget or something.”
A real economist would be upset with the Fed caving in to the Austerians and hinting (hint, hint) that they intend to “taper” their unconventional monetary policy at the first hint of economic turnaround, whether unemployment is decreasing or not. That “hint” is the reason for the jump in 10-year interest rates.
This change in Fed policy results from the relentless attacks on quantitative easing and asset purchases by those who feel that the cure for unemployment is to make the unemployed suffer harder — make them get off their lazy asses and find a job!
The Eurozone is a fine example of the debacle of austerity policy, but I guess we won’t believe how destructive it is unless we suffer it ourselves. Ryan and Boehner will be regarded as colossal dumbasses by history.
“That “hint” is the reason for the jump in 10-year interest rates.”
That’s in direct contradiction to what Krugman said:
“Like Bernanke, I don’t believe that the flow of Fed purchases has been an important factor holding bond rates down, and hence don’t believe that they will jump when the purchases end.”
So do you disagree with Krugman, the “real” economist now Tom?
Geez, you had to go back more than 2 years to find this Krugman quote? Maybe he has changed his mind by now. How about what he said yesterday?
“Even if the Fed leaves short rates unchanged for now, statements that convince investors that these rates will be going up sooner rather than later will cause long rates to rise. And because long rates are what mainly matter for private spending, this will weaken growth and employment.
Sure enough, rates have shot up since the tapering talk started. Two months ago the benchmark interest rate on 10-year U.S. government bonds was only 1.7 percent, close to a historic low. Since then the rate has risen to 2.4 percent — still low by normal standards, but, as I said, this isn’t a normal economy. “
2 years a long time in economics?
If Krugman didn’t understand what was going on 2 years ago why would anyone go back to him for more “wisdom” on the same subject today?
It’s only going to get harder for his disciples from here on it. The intellectual contortions to maintain coherence are going to have to be massive.
Mark my words, he will rightfully be viewed as a buffoon in history 100 years from now.
edit: “here on in.”
Neither of us will be around to gloat.
Ryan and Boehner will be forgotten in history as they are sellout nobodies, as will most of Congress.
A real economist would be upset with the Fed caving in to the Austerians and hinting (hint, hint) that they intend to “taper” their unconventional monetary policy at the first hint of economic turnaround, whether unemployment is decreasing or not. That “hint” is the reason for the jump in 10-year interest rates.
This change in Fed policy results from the relentless attacks on quantitative easing and asset purchases by those who feel that the cure for unemployment is to make the unemployed suffer harder — make them get off their lazy asses and find a job!
The Eurozone is a fine example of the debacle of austerity policy, but I guess we won’t believe how destructive it is unless we suffer it ourselves. Ryan and Boehner will be regarded as colossal dumbasses by history.
“That “hint” is the reason for the jump in 10-year interest rates.”
That’s in direct contradiction to what Krugman said:
“Like Bernanke, I don’t believe that the flow of Fed purchases has been an important factor holding bond rates down, and hence don’t believe that they will jump when the purchases end.”
So do you disagree with Krugman, the “real” economist now Tom?
Geez, you had to go back more than 2 years to find this Krugman quote? Maybe he has changed his mind by now. How about what he said yesterday?
“Even if the Fed leaves short rates unchanged for now, statements that convince investors that these rates will be going up sooner rather than later will cause long rates to rise. And because long rates are what mainly matter for private spending, this will weaken growth and employment.
Sure enough, rates have shot up since the tapering talk started. Two months ago the benchmark interest rate on 10-year U.S. government bonds was only 1.7 percent, close to a historic low. Since then the rate has risen to 2.4 percent — still low by normal standards, but, as I said, this isn’t a normal economy. “
2 years a long time in economics?
If Krugman didn’t understand what was going on 2 years ago why would anyone go back to him for more “wisdom” on the same subject today?
It’s only going to get harder for his disciples from here on it. The intellectual contortions to maintain coherence are going to have to be massive.
Mark my words, he will rightfully be viewed as a buffoon in history 100 years from now.
edit: “here on in.”
Neither of us will be around to gloat.
Ryan and Boehner will be forgotten in history as they are sellout nobodies, as will most of Congress.
Congress still refuses to see the debt they are passing on to future generations. It’s as if they’re spending money like they’ll never have to pay it back!
Some might even suggest they are spending on purpose knowing that a default is coming for that very reason. It’s already too late to fix things.
Well, frankly speaking, most of them won’t have to pay it back because they are passing it on to future generations. A lot of them will be old and gray if not dead when it comes to repaying this shit, a lot of them will get jobs at the companies who bought them their seats, and congressmen get nice retirement and bennies anyways.
That’s exactly my point.
Congress still refuses to see the debt they are passing on to future generations. It’s as if they’re spending money like they’ll never have to pay it back!
Some might even suggest they are spending on purpose knowing that a default is coming for that very reason. It’s already too late to fix things.
Well, frankly speaking, most of them won’t have to pay it back because they are passing it on to future generations. A lot of them will be old and gray if not dead when it comes to repaying this shit, a lot of them will get jobs at the companies who bought them their seats, and congressmen get nice retirement and bennies anyways.
That’s exactly my point.