Skip to comments.CBO: If Debt Continues, US Could Enter 'Permanent Recession' Within a Decade
Posted on 06/13/2012 8:47:14 AM PDT by Reaganite Republican
Clearly, the TEA Party has been right the whole time... and it will take more than a couple tepid RINO administrations to save us now.
Part of the end game of all this will not only be confiscatory tax rates but the actual confiscation of private wealth and assets as the boat sinks lower and lower. All private pension and retirement plans will almost certainly be nationalized. Those with wealth be warned.
I clicked on the thread thinking it was ten years old. My bad...
Could just as well might have been!
Morons. Nothing in Economics is "permanent". There are always counter-balancing forces. The only way to make anything permanent is for government to enforce rules that prevent the natural market forces from making their corrections... and that always leads to bad results.
I have heard nary a word collectively from DC about doing ANYTHING about our economic problem other than blaming Bush or overly using the word "inherited"
Reid and company have not passed a budget in over 1000 days. Zero's budgets get shot down without even a single vote for his monstrosities.
We have federal agencies that simply have no use in today's world sucking us dry. We have GSA and NOAA (that we currently know of) blowing through our tax monies on frivolous waste.
What are we up to now, 47% of Americans on some form of government hand out? Our wealth reduced by 39%. An entitlement class that is bleeding us dry and public sector union's that are full bore parasitic and serve exactly no purpose these days other than to line their own pockets at the tax payer trough. Zero and company are working overtime to bankrupt the coal industry, regulating oil and natural gas exploration to death (literally) and long for a future day when we have energy prices in line with Europe.
Billions have been wasted on "green energy" that cannot survive in open competition with other forms of energy without government hand outs; billions have been wasted on foreign "aide", billions have been wasted on a losing drug war, billions have been wasted supporting illegals in this country, billions have been lost through quantitative easing, billions are being tacked onto our deficit for May alone.
To me there is only one way out of this, if its not in the Constitution, it gets eliminated and turned over to the states if they choose to fund < insert favorite socialist program here > for their citizens. Fedzilla and DC are the problem, not the solution.
I’ve suspected part of the grand scheme is for America to default on its debt and replace the dollar with a new script that has far tighter government control. The problem the government sees now is that money is too liquid. If you force people to only buy what you want them to buy, you can coerce them into practically any behavior.
That’s not Cloward-Piven folks, that’s the Bible. All it takes is one evil leader powerful enough to demand we all carry the Mark of the Beast on our foreheads in order to buy or sell. The technology is already there with microchips and scanners. Paper and coins would be essentially outlawed and the government would track your assets based on the chip implanted in your forehead.
You go to your local grocery and they scan the items then scan your forehead to deduct the total out of your account. The technology is here. Just needs the right anti-Christ to show up and con the world.
Which is likely all according to plan. If this unemployment persists for 4 or 5 more years the frustration and desperation will grow to the point where society will begin entertaining the Leftist argument that “Capitalism has failed, let’s replace it”.
The CBO is too optimistic.
“Nothing in Economics is ‘permanent’”
No, but they can be more or less permanent. We could be in for the 80 years of stagnation following the October Coup in Russia, for instance; or, rather, stagnation for industries not selling caviar and top shelf vodka to party members. Though not strictly permanent, that spanned at least one lifetime.
You might want to ask the Japanese about these counter-balancing forces to which you refer. They’ve been in a situation exactly like the one described by the CBO since 1992 - ie, 20 years.
The problem with assumptions of “natural market forces” is that people working within a monetary system such as we now have in most all western democracies don’t have “natural market forces.” They simply don’t exist any more. Japan and the US now have had multiple rounds of “quantitative easing,” and now both nations find themselves in liquidity traps of their own making.
If we allowed “natural market forces” to take effect, you’d see something like the Great Depression... only much worse.
Very Tough Times Are Coming !
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