Whether the administration is discussing unemployment figures, the “economic recovery”, support for the Muslim Brotherhood or attacking domestic terrorists (that would include me), the epitome of hypocrisy is shown below. 94% of the amount to be cut by sequestration was issued today as new debt: not total spending by the federal dictatorship, but new debt issued. But then again, Michael Bloomberg has declared that our debt can now be infinite:
“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”
How much longer will the hypocrisy be presented to the people without any consequences?
Today is the day when, if one listens to Obama whose idea it was in the first place, an unprecedented $85 billion spending cuts will be sequestered, unleashing famine, pestilence, the apocalypse and grizzly bears (as all park rangers will be dead from starvation). Which is why we applaud the administration’s desire to preempt this tragic for the nation outcome, by issuing, in one day alone: February 28, $80 billion in Treasurys sending debt to (obviously) what is a new all time high $16,687,289,180,215.37.
In other words, the entire apocalyptic impact of the sequester for 2013 was offset by one day’s debt issuance.
Oh, and we didn’t label this post Friday humor because it rightfully falls under the Friday grotesque, surreal tragedy category.
From Debt To The Penny: