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Sailing into Uncharted Waters

This article should be required reading for every congressperson, staffer, citizen and high school and college student in the country. We are headed for a cliff.

The article on Real Clear Politics by Richard Fisher should be required reading for every congress person, staffer, citizen, high school and college student in the country. Richard Fisher is the president and CEO of the Federal Reserve Bank of Dallas.

He mentions the questions raised at the Fed’s FOMC meeting about the “efficacy of further asset purchases.” This is Fed-speak for buying further Treasury debt, which is quite simply enabling the continued deficit spending of Congress.

He also refers repeatedly to “Congress” as a monolithic entity. It is not. It is a collection of 535 individuals, each of whom is engaged in a political mini-circus between his constituents, his congressional associates, his party and his president. It is only when the collective will of these 535 people becomes strong enough to take controversial action that we will see real progress. Unfortunately, that isn't likely to happen until there is a crisis, and then the action is rarely well thought-out.

It is too easy, and even compelling, for congressmen to submit to the pleas of their business or labor contributors, their lobbyists, or even their constituents to use the federal purse or tax system to dispense goodies such as food stamps, unemployment compensation, health care, tax preferences, subsidies, grants and all the other forms of vote-buying that they engage in. It is too easy for “we the people” to accept all of these goodies as part of our expectation for an “advanced” society that “takes care” of people.

Like an errant college student with her first credit card, it’s all fun until the limit is reached and the bills must be paid off. In the case of the United States, or the countries of Europe, the limit is very near. Ignoring that approaching limit literally guarantees the collapse of our economic system and our country. If you think the recession of the last few years was tough, you ain’t seen nothing yet.

It is past time that we demand of our representatives some fiscal responsibility and some limits on the passing out of goodies.

Please read the article.

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BStein October 01, 2012 at 02:15 PM
Mike, you fail to mention that there are bipartisan solutions that obstructionists, like you are avoiding. This has nothing to do with raising the debt ceiling. Simpson Bowles would reduce the deficit by over 4 trillion dollars. what about that?
Nick Maltese October 01, 2012 at 02:53 PM
Bi-partisanship, unfortunately, will be a long time coming from the way Congress is acting. Both sides are girding for four more years of gridlock, regardless of who resides at 1600. We are truly at the most significant crossroads of how America will attempt to resolve issues of major importance. If only a few of the recommendations in Simpson Bowles were enacted, we would probably avoided the credit downgrade. American voters fall into two categories, those who work and those who do not. The latter category is divided into those who want to work and those who don't need to work.
Wei Li October 01, 2012 at 08:57 PM
Nick, how about the division being between those voters that believe government (a comforting omnipotent paternal force assumed to be of "good" intentions) is the answer, and those that believe the answer lies in the contributions of the god-given talents of individuals. History shows governments - like fiat currency - have always failed.
Nick Maltese October 02, 2012 at 10:49 AM
@Wei Li: I have always believed that "The government that governs least, governs best." I find it striking that one US pol Party claims FDR as a savior and the other points to that same man as the beginning of the end for our Republic. We have a government and cannot simply dissolve it, but we can insist that our government does it's job. Here's a decent cause and idea: http://action.nolabels.org/5985/no-budget-no-pay/
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