Spending Cuts a Sham

How much longer are we willing to take this from our elected officials? Hopefully voters wake up before the market for treasuries does. http://finance.yahoo.com/blogs/daily-ticker/david-stockman-deficit-reduction-flimflam-swindle-taxes-must-134716994.html

David Stockman is my new hero. Here again telling it like it is. Why isn’t this guy on every nightly news broadcast in America? http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html?sec=topStories&pos=9&asset=&ccode=

Replublicans don’t want to raise taxes and Democrats don’t want to cut domestic programs, Both parties are too afraid to touch defense or truly tackle social security, Medicaid, and Medicare. It’s going to be a bumpy ride, diversify your allocations to include overseas holding, add some commodities, and if you’re making it rain; look into foreign currency savings accounts. Hold on to your seat belts because we’re in for a bumpy ride!

Medicare (and to a lesser extent, Social Security) is really the only expense that is going to do anything realistic on the future deficits. Defense spending is the next largest category and may help. Everything else is just rearranging deck chairs on the Titanic, but it doesn’t seem stop the Republicans from claiming that things like school lunch programs and food stamps are going to send us all to the bottom.

I liked Bill Maher’s analogy, refering to the spending cuts as “picking at the parsley” on a plate of fried chicken (social security) and mashed potatoes (defense)

yeah, it looks bad, but the banks are the liquidity pump of the entire economy. if people think savings accounts are going to help them retire then they need to go back and get their ged.