Goldman Sachs says a shutdown would likely lower America’s economic growth by 0.2% per week until a deal is reached.
We get a dire warning about the incredible amount of government spending from the CEO of one of the biggest banks. We also get a warning from one of the biggest Wall Street investment banks that a failure to keep spending at the current levels is going to cause problems. Seems like they can't both be true. All a partial government shutdown does is reduce spending.
This is like when Fitch downgraded US government debt last month. They noted that:
The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden.
But Fitch also said that:
The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.
IOW they complained that the debt is out of control, but also complained that the Congress failed to automatically increase the debt ceiling, with no questions asked.
The people running the big financial institutions are largely Democrats. That may explain the schizoid nature of their statements. They are knowledgeable enough to realize that massive debt fueled spending is a problem. But they identify Republicans who want to slow that spending as part of the problem. As a result we get these Twilight Zone explanations.
Mr. Dimon speaks of “spending like drunken sailors” but one could make the point that the federal government is spending like “lying dog-faced pony soldiers”...sarc
Gotta send money to the globalist oligarchs so Plugs the Pedo gets his cut.
Nothin’ a little WW3 won’t fix.
“ If a deal is not reached on time, about three of out five federal civilian workers are expected to be furloughed as portions of the government shut down.”
I’m not seeing a problem.
L
There’s no political will to reduce spending. We’ll have to inflate our currency. For the average American customer, that means we could see up to 20% inflation. Maybe that will force the American voter to punish the Democrats in the next election. We did that when Jimmy Carter was President.
bttt
JPMorgan has major ambitions in China and in August (2021) won regulatory approval from Beijing to become the first full foreign owner of a securities brokerage in the country....
they always measure the debt against gdp
are they going to tax us 100%?
debt 32t
gdp 25t
tax rev 4t
debt is 800% of tax rev
our children and their children and their children and their children and their children and their children and their children and their children
will curse our names
All that said, the shutting down of federal government is past due.
I can assure EVERYONE that it's not ME, My Wife, Our Dogs, Our Children !!!
SO THAT MEANS IT IS THE COLLECTIVE GOOBERMINT IDIOTS IN THE DISTRICT OF CORRUPTION THAT IS PISSING AWAY EVERY SPECK OF MONEY WITHIN AND WITHOUT OF THEIR REACH...
As our debt ceiling is continuously being raised, our government creeps into “ authoritarianism “ in collecting more taxes. Adding 60,000 more IRS agents signals desperation- all taxpayers will be wrung out like a wet sponge.
When, not if, we go to their cashless system ( digital currency) our destruction will be complete…..make no mistake- it’s coming.
Not nearly enough ruination to suite the “progressives.” They revel in the harm they do.