Great Expectations?

August 8, 2011 08:34 by KRM

Really?  What the heck did you expect?  We’ve got debt over $14 freaking trillion dollars, we’re deficit spending to the tune of $1.5 trillion each year and you thought raising the debt ceiling would solve all our problems?

 
All those polished political pundits pontificating about compromise and the necessity of getting something done have hopefully been shown to be the fools that they are.  How could the market react in any other way?  They didn’t accomplish anything – our elected leaders (if indeed you can call what they did leading), just increased our debt load AND did not substantially decrease deficit spending.  Sure they made some minor cuts over the next two decades, but we’re still spending more than we’re taking in and will have to go through this silly manufactured crisis again just after the next presidential election.


That the markets have not reacted worse is what surprises me. With the tragic lack of leadership that we’re seeing, combined with a refusal to deal responsibly with out of control spending, I had hoped the markets, even though it would hurt financially personally, would completely tank to reflect the utter stupidity of the final debt deal.  Only when things finally hit rock bottom are people going to be willing to finally reconsider the insane levels of spending we allow our politicians to engage in so that they can buy our votes.  After all that’s really what this is all about.  Politicians promise their constituents something and get reelected if they deliver on that promise.  Just about every state and special interest group in the country is guilty of wanting something from the government.  It’s only when we figure out that we’re better off taking care of it ourselves that we are going to be able to get spending under control.

 
Unfortunately that’s probably going to happen too late.

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Great Expectations?

August 8, 2011 08:34 by KRM

Really?  What the heck did you expect?  We’ve got debt over $14 freaking trillion dollars, we’re deficit spending to the tune of $1.5 trillion each year and you thought raising the debt ceiling would solve all our problems?

 
All those polished political pundits pontificating about compromise and the necessity of getting something done have hopefully been shown to be the fools that they are.  How could the market react in any other way?  They didn’t accomplish anything – our elected leaders (if indeed you can call what they did leading), just increased our debt load AND did not substantially decrease deficit spending.  Sure they made some minor cuts over the next two decades, but we’re still spending more than we’re taking in and will have to go through this silly manufactured crisis again just after the next presidential election.


That the markets have not reacted worse is what surprises me. With the tragic lack of leadership that we’re seeing, combined with a refusal to deal responsibly with out of control spending, I had hoped the markets, even though it would hurt financially personally, would completely tank to reflect the utter stupidity of the final debt deal.  Only when things finally hit rock bottom are people going to be willing to finally reconsider the insane levels of spending we allow our politicians to engage in so that they can buy our votes.  After all that’s really what this is all about.  Politicians promise their constituents something and get reelected if they deliver on that promise.  Just about every state and special interest group in the country is guilty of wanting something from the government.  It’s only when we figure out that we’re better off taking care of it ourselves that we are going to be able to get spending under control.

 
Unfortunately that’s probably going to happen too late.

Share |