Monday, August 1, 2011

Budget Deal Reached - Spend More And Borrow Even More

Oh please - Boehner, and company in DC, just screwed America over again.
What is it about No more spending that they do not get?

With this so-called "deal" there will be a $2.4 trillion debt ceiling raise!

With this so-called "deal" there will only be meager spending cuts over a period of TEN YEARS! (You can be assured those cuts will never materialize).... and they call these "immediate cuts".

From Zerohedge:
Bottom line: there will be about $40 billion in actual, real spending cuts until the next, $16.7 trillion debt ceiling limit is hit some time in Q1 2013, at which point it will have to be raised to $20+ trillion.
And the comments:
So we go from $10T to $15T in 5 years, and we are supposed to be giddy about a $1T reduction over 10 years. What kinda moron buys into this (literally)?

Sigh -
We have kicked the can down the road some more - and we will soon seen more "Benny Bucks" via QE3... Now the Administration can continue to print more money out of thin air/pixie dust and try to inflate our way back to more fraudulent prosperity.

Congressman Boehner - You are officially the Tea Party's number 1 enemy!
McConnell too.
You are both toast if this passes.... as is our economic future.
I hope this stupid "deal" which raises our debt limit is rejected by both chambers' caucuses.

Not to be taken as any kind of official investment advice - but for what it's worth folks are still saying to buy gold and silver with this upcoming dip in prices... just sayin'.

For my readers' amusement: