That is the description given by a first-term Republican Congressman, Allen West.
The latest battle is over the extension of the payroll tax cut. Obama favors it. Republicans do not want to run this year on a platform of having let a tax rise. So, the Congress will vote to extend it.
Then where will the spending cuts come from to keep the deficit from rising? The Democrats suggest savings from cutting the Pentagon’s budget. The war in Iraq is ending. In short, “bring the troops home by Christmas . . . and fire them.” But enough Republicans will balk to keep this from happening. To get Republicans to cut Pentagon spending has proven impossible ever since 1946.
There will be no spending cuts. The Congress will wait for revenues to increase to reduce the deficit. But this never works. Congress spends every dime on new projects. Then it borrows more.
We are turning into Greece. Congress can see this, but it does not change. The shell game will continue.
Investors should assume that the Federal Reserve will inflate in order to but federal debt, which is rising at $100 billion a month.