The administration continues to try and keep us distracted from their utter incompetency. Meanwhile, facts and well grounded opinions abound, which undermine the very arguments made by the administration. We must keep our eye on the ball, keep the pressure on our officials, and report what need be reported today. Do not be deceived by the rhetoric, lies, and misinformation of the current administration.
Just this morning, Tony Lee of Breitbart reports:
One of the fathers of modern finance and a winner of this year's Nobel prize for economics said the bloated deficits of the United States and European nations may lead to a worldwide recession.
I work as a Financial Analyst in the Bond Market. I can tell you, from experience, that we are already seeing signs of this next wave coming. However, I cannot disclose the specifics, so you will have to take my word on this part. Our deficits are tied to bond markets, and can affect them, especially if those deficits continue to rise. The leadership in our country continues to ignore economists like Eugene Fama, who warn of another recession due to our deficit spending. I, like so many others, question whether they are even listening to these experts.
One driver of this debt is the continued unemployment in this country. While Obama and his cronies continue to paint a rosy picture, the truth is far from their lies and deceit. Through the 3rd quarter of 2013, the Bureau of Labor Statistics is still reporting a remarkable 14.1% unemployment rate as measured, more accurately, by the U6 report. The U6 is defined below.
Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.
Unemployment drives the deficit in two ways. First, those who are unemployed are not paying income taxes to fund the government, nor are their employers. Second, we pay out generous and long term unemployment benefits. Rand Paul and Senate Republicans are trying to stand up to pressure to extend, once again, unemployment benefits. At a cost of $25 Billion, they should!
Another large driver of our debt is welfare, which consumed more than $3.7 Trillion over the last 5 years! That number is astounding at this point. These programs do serve a purpose for those who truly need them. But, at what cost to society? And furthermore, how much fraud is there in the welfare system? Finding reliable sources on this information proves to be nearly impossible. Common sense will tell you, there are people abusing it; unless you are blind (which is an insult to blind people), you can see the obvious in any major metropolitan area. I have tried and failed to research this area, but let's just say, there is most certainly fraud and abuse. Maybe it is better we don't know how much welfare is wasted...
These, among with many other issues, continue to drive our debt and deficits. Yet, no one in Washington seems to care. Only those in the private sector seem to care. We are out here, fighting for our investments, retirement, paychecks, jobs, and each other. We are all striving to make our country better, while the leadership turns a blind eye to our perilous position.
Those who have repeatedly spoken out have been ostracized, demonized, and slandered in the public spectrum by our leftist media and worse; our supposed counterparts in the government, Republican establishment types. People like Paul Ryan, Sarah Palin, Mike Lee, Ron Paul, Rand Paul, Ted Cruz, and others are the only ones standing for the People. After all, it didn't say "I, the person" in our founding documents; it said "We the People". Right now, politicians are acting more like, I the person.
Unless we change course dramatically, this is only going to get worse. We must cut spending and taxes in order to stop the bleeding. Cutting spending is obvious, but those who propose this are demonized immediately by the establishment types. Cutting taxes will spur economic development at a faster rate than now; thus, creating an increase in revenue and decrease in spending due to welfare receipts decreasing. It isn't that hard, it is just common sense. The hard stuff is what people like Eugene Fama study and research; economics in a global economy. The Administration and our elected representatives must begin to consult this type of person; they will concur with the "extremist" positions of the aforementioned people who represent us.
In the meantime, don't hold your breath. Just be aware that worse is yet to come. Keep fighting the fight and someday, we will be heard. The coalition of the financially responsible is growing and will continue as the economy staggers along and our deficit grows. Keep educating others and I hope to offer fuller advice from my niche, going forward. Keep your eye on the ball and do not be distracted by the administrative distractions, lies and misdirection.
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