The stock market lost over 100 points yesterday. America don’t be sad be glad because the Fed finally admitted that the stimulus spending was going to end. That is the bond buying that feeds the addicts on Wall Street. These people on Wall Street are the same ones that stole America’s wealth. Yes, they and your elected politicians.
For the first time in almost five years our federal government slowed the spending machine. So the media immediately says budget warnings are harsher than reality. Not so. Obama the orator is trying to take the focus off of the deep debt hole that is bringing this country to its knees.
Politicians in both parties are running around screaming the sky will fall if these supposedly "draconian" sequester "cuts" are allowed to occur. Should the sequester take place, instead of ramping up spending $1.7 trillion over the next 10 years, it will mean spending only increases $1.6 trillion. Without the sequestration, defense spending is supposed to increase by 20% in ten years and with it still an 18% increase.
While this would not address our $16.5 trillion debt, studies show if the statists would just agree to hold federal spending at 2.5% annual increases, the budget would be balanced in ten years!
That would be the sensible route but our representatives will never allow that because they’re all greedy for our money.