America: Living on Borrowed Time?
5 August 2011
Global American Series
Is America living on borrowed time? After putting the nation through hell for a month over raising the debt ceiling, they basically “kicked the can down the road” and ignored the one topic that concerns nearly all ordinary Americans: JOBS.
Then they let the FAA lay off 70,000 construction workers while they went on vacation! The fight? The ideologues wanted to cut $13 million for servicing remote airports -- even if they lost $1 billion in tax revenues that would normally be collected from air ticket fees during August while they were sitting on a beach somewhere, collecting their Congressional pay.
No wonder that the stock market dropped 512 points yesterday. The latest poll shows 82% of Americans are disgusted with Congress, as they should be. We have what John McCain calls “hobbits” living in Alice in Wonderland world, instead of the real world.
Basically Congress spent a month fighting over raising the debt ceiling to borrow more money for the same budget approved by the same Congress earlier this year! Not only did the “debt deal” fail to address the structural deficit, it repeats the mistake of 1937 – cutting back spending when the economy is weak, creating the potential of a “double dip” recession.
Loren Steffy, the Houston Chronicle’s business columnist and author of “Drowning in Oil: The BP Story” explains some of the bizarre behavior of Congress as our guest on Global American radio this Saturday, 9 am Central on Business 1110 AM, streamed on www.Business1110KTEK.com and Podcast 24/7 on www.GlobalAmerican.org (click favorite program and look for the above title).
We also discuss what it would really take to create a balanced budget where revenues and expenses are equalized. Did you know if the loopholes in the tax code were eliminated we could generate an extra $1 trillion/year – enough to pay off our entire debt in just 14 years!
Until we start electing centrists from each party instead of ideologues who would prefer default and destroying the country’s AAA credit to compromise, America is living on borrowed time. Want some real solutions instead of political talking point that are utter nonsense?
Then tune in to Global American radio and tell your friends to sign up for our Global American newsletter. The entire global economy is wobbly. Corporations and banks are sitting on $2.5 Trillion in cash. Yet Congress focuses on the wrong things at the cost of further jobs and growth. How else could they go on vacation leaving 70,000 construction workers idled simply because Congress didn’t approve the FAA funding bill that has routinely been extended over 20 times?
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May be needed as a barrier to protect Congress members hurling rocks at each other…!