Pittsburgh, Pennsylvania – July 8 –
A trillion here and a trillion there.
The last stimulus was nearly a trillion dollars. It came from two primary sources; printing money and borrowing. It is arguable that some of it came from taxes. The zeal for both printing money and borrowing has dried up. The United States government is afraid that it has reached its borrowing limit. Apparently, it is afraid that it has reached its money printing limit.
Now, we have a wonderful speaker, nicely dressed, clothed in moral garb, squirming in a daunting situation. The President of the United States, George Soros, Democrats, and others are not in control any more. The economy and financing are.
Greece was in a similar situation, and at least President Obama is well aware of it. The immediate result in Greece has been austerity. The President of the United States knows it. This is the reason there is not another grandiose scheme to borrow and print another trillion dollars right now. They have reached the end of the line. Their bluff has been called.
If Franklin Delano Roosevelt was alive, he’d be in the same predicament, I can’t help but wonder what he would do. His wonderful Social Security is in jeopardy. It was wonderful, but we may see major changes in it. Supporters of big time spending will wail and gnash their teeth, but austerity will prevail in the end.
Democrats will try to blame it on Republicans, but in the end the fear of the consequence of borrowing and printing money will prevail. Austerity will prevail.
An attempt to temporarily delay borrowing and spending could occur.
The time will come when big time spending and excess borrowing and printing money will come to a halt.
President Obama and the Democrats won’t spend another trillion dollars, because they can see the handwriting on the wall.
Austerity will prevail. Why not now?