Obama’s Fudge-it Budget…

For Budget Use Only

For Budget Use Only

The Presidents’ new  Budget is remarkable for two reasons: First, it is the first serious public statement from  a political leader to state unequivocally that benefits cannot be afforded and must be cut, for which unpalatable truth the Prez deserves full marks. Second, his budget makes no honest attempt to resolve the spending crisis; it seems purely political theater.

How do we know that? It’s clear from the fact that the Secretary of the U.S. Treasury is trying to convince the Eurofolk to drop their spending-cutting ‘austerity’ programs and join the U.S. in borrowing and printing money instead; the absolute opposite of reducing spending. Secretary Jack Lew (new on the job) works for the President; he’s not running around Europe selling policies the Prez hasn’t signed off, right?

France, under its new Socialist President Hollande, is already headed from ‘austerity’ to ‘stimulus.’ The new leader there though, is writhing in a scandal at the moment; one of his ministers was found to have a Swiss bank account just as France clamps down on its wealthy with tax increases. Oops! So it’s not only U.S. pols that practice what they preach against… and the problem is of course, there’s no money, rather there are large debts. Sound familiar?

Greece’s ‘austerity’ that is a condition of its E.U. bailout, now has its unemployment at 27%. Obama is doubtless rubbing Hollande’s nose in that, asking him how he’s going to handle that in France if he doesn’t spend… Hollande has no answer and no money plus the new scandal; he might shoot himself but we know politicians have no shame.

So Obama is obviously serious about spending by hook or crook (interpret as you like) which means the benefit cuts (‘way small, anyway) in his budget are a game. Trying to get the rest of the world aboard his High Speed Rail to Weimar/Zimbabwe though, is clearly real; another domino fell into place when the Bank of Japan suddenly reversed two decades of ‘austerity’ in favor of ‘stimulus’ recently. Did you notice? Few seemed to, especially ‘news’ outlets, though it’s the financial equivalent of Muslims coming out for women’s lib.

The keyword here is ‘inflation.’ It appears that the Prez wants to inflate his way out of his debt load via infinite money printing in various forms. Classic maneuver for insolvent, dissolute governments. Always has a bad end… usually (though not always) sooner than expected. Budget rhymes with ‘fudge-it’… and though it tastes great at first, too much fudge may make you sick, right?

About Jack Curtis

Suspicious of government, doubtful of economics, fond of figure skating (but the off-ice part, not so much) Couple of degrees in government, a few medals in figure skating; just reading and suspicion for economics ...
This entry was posted in Barack Obama, Budget, Debt, Domestic Policy, E.U., Europe, Finance, Fiscal/Financial Responsibility, Inflation, Overspending, Politics and tagged , , , , , . Bookmark the permalink.

6 Responses to Obama’s Fudge-it Budget…

  1. philip469 says:

    wow great news to know about where do you get your content from?

  2. Something is going on with the IMF. Stuff like this is popping up all over the globe.

    • Jack Curtis says:

      If we were right-wingnut, paranoid types, we might suppose that the Fed, the IMF, the Bank of Japan and the Eurofolk (some, anyway) were in cahoots… but my tinfoil hat protects me from believing such things… Our governmental financial institutions would never gang up to rape the world’s taxpayers, would they?

  3. Rawclyde! says:

    Sounds like you’ve been golfing with John Boehner… Both your perspectives, I suppose, are valid… But ~ I’d like to see some rich folks tax loopholes disappear & see how that works out…

    • Jack Curtis says:

      Mr. Boehner’s budgetary contributions strike me as less useful than those of the President, so far. I have no knowledge, but suspect that proceeding to inflate past the debt carries or will carry, his unacknowledged sign-off.

      I’d support removing the income tax, it seems to me inherently corrupt. Failing that, I’d rather a flat tax without deductions or exceptions…but if achieved, will bet that those will be re-implanted shortly by politicians in need of contributions…

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