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“Shell Game”: Pretending to Cut the Federal Deficit

Written by Gary North on December 5, 2011

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.

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4 thoughts on ““Shell Game”: Pretending to Cut the Federal Deficit

  1. “I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.” . . . Milton Friedman (1912-2006)

  2. theThinMan says:

    “It is a waste of words here to berate Congress. The people are doing the job. In doing it, the people are indicting themselves, of course, for the men in our Senate and the men in our House of Representatives are, indeed, the representatives of the people. Each ribald hoot at the selfishness, the arrogance, the stupidity of our elected statesmen does not ricochet in nowhere, but bounces straight back, burning and sharp with inescapable consequence, into the bodies of the hooters: the citizens themselves, the voting public. The withered emasculation of our democratic statesmanship is the withered emasculation of America. The witch-hunting savagery of pompous male sluts in our national halls is that quality of all the people. the petty greed and relentless solicitation of these quasi males is our own. The sacrifice of power, of dignity, of responsibility, of national security and interest to a little patronage of the achievement of a trivial local profit is the measure of the universal loss of aim, purpose, moral worth, view, vision, integrity, and common cause.

    The appalling stupidity of these men, highlighted by the ferocious peril of these hours, is the exact measure of the stupidity of the people in our states, cities, towns, and villages. When we condemn them, which we rightly do with nearly every dispatch concerning their multifatious and nonsensical agenda, we condemn ourselves. When we say these men have abandoned their strength to the administration, because of pressure, we state how great has been our own eagerness to lay down the chore of civic duty and let an administration – or nobody – pick up and exploit our united strength. When we perceive that they are talking without knowing what they are talking about and doing without being able to guess the results of their acts, ignorantly busy giving unearned pensions and collecting unjust taxes, digging canals and having to fill them in, we are saying how little we, also, know or care about these matters. When we describe their pompous vanity and take exquisite pleasure in putting calipers on the immense littleness of their avarice, we are making records of our own littleness and avariciousness. When we see them knuckle to lobbies, abandon sense ot the demand of minority blocs, weasel, quibble, and fail, we are watching the progress of a disease in ourselves, a democratic sickness, metastatic, and so far advanced that democracy may yet die of it – not because democracy was a mistaken plan for living together, but because the people have eschewed it out of their own greed and attached themselves to a bloc, to labor, to farms, to capital, to legionnaires, to pensioneers, to states, to congressional districts, to any of a thousand gangs within our democracy – but only rarely to democracy.

    By putting this small mob fealty ahead of allegiance to all of ourselves, we have steadily moved closer toward the place when mobs will fight openly to rule us, and one of them, or a group of them, may win the foray. Then they will take to fighting among each other until it becomes necessary to appoint a dictator. If that is done, the wheel will have come full turn and democratic man will again have lost his liberty, having spat upon it, abused it, laughed at it, neglected it, and so given it up because each individual man of him was not yet good enough for liberty.” “Generation of Vipers” by Philip Wylie ©1942

  3. theThinMan says:

    I wonder why there are no comments on this site. could it be that it's just blather?

  4. Jim VanLaanen says:

    Like obama pretending to care about the average wage earner.