Super Committee Failure... Joke and BS!

[Scataphagos]

The Super Committee supposed to come up with "$1.5Trillion over 10 years" in cuts.

Odumbo has increased the deficit by $8Trillion in his 1st (and hopefully ONLY term).

"Super Committee cuts < pimple on an elephant's butt"...

 

[clacy]

They are not spending cuts anyways, just a reduction in the growth of spending

 

[Archin]

Heads up for their next great plan, which is instead of reducing the increase in spending to reduce the increase in rate of increase in spending slightly.

 

[dandxg]

No one wants their pet project cut. Talk is cheap. No one changes until there is enough pain to be self motivated. We ain't even close to that yet.

 

[EMRGLOBAL]

who gives a rat ass.

Make your money, prepare your assets and live life to the fullest.


Fuck the Super Comittee.

Ship is going down people.....a Super Comittee is not gona save the Country.

Learn to live and learn to make money in this brave new world.

End of story.

 

[achilles28]

The ship IS going down. The game was lost 30 years ago.

Until people confront that reality, it's impossible to begin a meaningful conversation.

America is 4 years away from Greece.

The Super Committee and wealth tax debate is nothing but a political distraction since neither can eliminate (or substantially reduce) the deficit.

There's a few huge problems I see.

1) America is short around 20% GDP (maybe more), at todays exchange rate.

2) Once our credit limit is reached and the FED monetizes debt, a loss of dollar reserve status will accelerate GDP loss, way beyond >25%.

3) Total credit market debt is around 375% of GDP. Since all money is debt, at 3% average interest rate, 10% GDP is consumed every year, in debt-accumulating interest. Interest payments are eating America alive.

4) Only radical fiscal, monetary, tax and regulatory change can right our listing ship.

5) The only candidate that has advocated such changes is Ron Paul.

6) Ron Paul only polls around 10-15% amongst GOP voters. Translation: most American voters are totally braindead.

All this to say, we are headed for an unprecedented economic collapse.

Entitlements weren't included in my laundry list of concerns because honestly, there's no point discussing them. 2020? 2030? 2040? I'd be surprised if we made it to 2016. The entitlements won't be there, because the economy won't be there.

Same story playing out in Europe, right now. They're about 3 years ahead of us.

Edit: Number#7. With great economic upheaval, comes great social and political upheaval. The chance of huge political change (dictatorship? Constitution rescinded? Civil war? WW3?) is very, very real.

Also, if you want to throw in a number#8, when the dollar collapses and Chinese let the Yuan float, Chinese GDP will eclipse America, in terms of USD. Mao worshipers will lead the 21st Century.

I talked to Iranian friend of mine the other day. He's not worried about America. I asked why. "Because America is destroying itself". Foreigners can understand that. But not the idiot American voters.

America is circling the drain. We're very close.