That's right, folks, the lawmakers are returning to Capitol Hill and it won't be pretty. In fact, according to Oliver Knox, Chief Washington Correspondent for Yahoo!News, Americans should "brace themselves for a game of political chicken."
On September 9, back from five weeks of summer recess, this gang is ready to rumble. First issue up at bat?
The Debt Ceiling.
If Congress refuses to raise the nation's $16.7 trillion (that's trillion with a T) borrowing limit, and if they can't agree on a federal budget before September 30, the entire government could come to a sudden, grinding halt.
Though shutting down the government might sound like a good thing, it's not likely to happen. Knox predicts they will come up with their usual "kick the can down the road" solution at the very last moment and pass a temporary spending bill, solving nothing.
Meanwhile, a recent Gallop poll reveals:
- 7 out of 8 jobs created this year are part-time
- 54% of Americans earn less than $30,000 annually
- 8 million Americans have stopped looking for work
Money manager Peter Schiff says, "the government keeps telling us the economy is getting bigger, but millions of Americans are leaving the workforce. We've got record numbers of people on food stamps and part-time jobs are replacing full-time jobs. How is that consistent with a growing economy? It's not. Incomes have dropped twice as fast during the 'recovery' than they did during the recession. That's quite an accomplishment."
James Rickards, author of the best-selling Currency Wars-The Making of the Next Financial Crisis, takes it even further:
"The problem in 2008 was too-big-to-fail banks. Well, those banks are now bigger. Their derivative books are bigger. In other words, everything that was wrong in 2008 is worse today."
Much worse. In 2008 the Fed hadn't started the printing presses yet. This country is hemorrhaging money to the tune of $85 billion each and every month. That's one trillion (with a big fat T!) per year.
Can't bend your mind around all those zeroes? Try this:
- a million seconds = 12 days
- a billion seconds = 32 years
- a trillion seconds = 31,688 years (+ change)
And that, dear friends, is longer than the existence of Western civilization.
Maybe it's time to give the gang in Washington a permanent recess.
A wise man once said: "If we can prevent the government from wasting the labors of the people, under the pretense of taking care of them, they may become happy." --Thomas Jefferson
"Whoever loves money never has enough; whoever loves wealth is never satisfied with his income" --Ecclesiastes 5:10.
"Charge them that are rich in this world, that they be not high minded,nor trust in uncertain riches, but in the living God, who gives us richly all things to enjoy" -- 1 Timothy 6:17.
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