The sudden discovery by the media the day after the election of impending financial doom for this country left me scratching my head a bit. Dang, how did we all of a sudden end up in front of this fiscal cliff? The people that make up the media and Congress are always telling us how smart they are, then how come they are always managing in crisis? Don’t they see anything coming?
I thought smart people looked ahead a little, had a bit of foresight to them? Did this $16 trillion dollar debt just suddenly appear out of nowhere? Did over $100 trillion in total unfunded liabilities just develop overnight? Have agents of foreign governments been sneaking into the Treasury at night and been writing checks on Uncle Sam’s account? Is that how we got into this mess? Or has it been people like Senators Grassley and Harkin who have been there over 30 years and they are the ones who put us here?
The passing this past week of former Senator Warren Rudman reminded me of the 1985 Gramm-Rudman-Hollings Balanced Budget Act. Congress knew 27 years ago this country was in a world of financial hurt. How else do you suppose they would pass meaningful legislation? They immediately took steps to circumvent it every year, but they did pass a good bill.
I remember reading in 1993 the book Bankruptcy 1995: The Coming Collapse of America and How to Stop It. The two key points out of that book were that we as a nation would either die by panic or by hyper-inflation. My guess is hyper-inflation. The Fed has been running the printing presses night and day for years, that can’t go unpunished.
The point is, we’ve known about “Fiscal Cliff” for over a quarter of a century, don’t sit there and tell me this was just discovered the day after the election. How stupid do they think we are? Don’t answer that.
You run an ocean liner at full speed at night in the North Atlantic, and you are surprised when you hit an iceberg? How can you deficit spend for over 40 years and then be surprised by a fiscal cliff? 40 years we’ve been driving towards this cliff.
Bandana’s, great barbeque place in Ankeny.