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by c martenson
It's time to face facts. Washington DC is out of control. Spending is breaking all records, the deficit is climbing higher and higher, and the general populace is voicing graver doubts about the deficit and mounting debts even as politicians drag the country even deeper into a financial pit.
In 1981 the federal debt first crossed the $1 trillion dollar mark, never to look back. And now, here in 2009, lawmakers are considering boosting it by as much as $1.9 trillion in one fell swoop with the hope (fingers crossed) that nobody will notice if they do it over the holidays. Their calculations in deriving the $1.9 trillion number appear to not involve any considerations about what is best for the long term fiscal health of the country but whether the amount will be sufficient to make it past the mid-term elections.
Yes, the debt and deficit are not only large but embarrassingly large. And they should be. Congress should be absolutely ashamed of its role in failing to impart or enforce any regulatory or fiscal discipline. In fact the entire edifice of power in DC ought to be ashamed.
In The Dark Of Night - Debt Limit To Be Increased
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