By MN Gordon
Onward Toward Default
People are hard to please these days. Clients, customers, and cohorts – the whole lot. They’re quick to point out your faults and flaws, even if they’re guilty of the same derelictions.
The age-old art of assigning blame – in this case complemented by firm knowledge of the proper way to prosperity (see lower right corner). Jack Lew not only sees the future with perfect clarity these days, he also seems to have spent his time as treasury secretary garnering plenty of “not guilty of anything/ had absolutely nothing to do with it/ innocent as the snow is white/ just a job title, doesn’t mean a thing” points. All the bad stuff related to public debt and deficits clearly happened before and/or after him, or in other words, he dindu nuffin’ . Similar to the discoverers of the way to prosperity of yore, he does however not only know these days what ought to be done, but also what is going to happen. His timing on the former issue may be a bit off, but then again, nobody’s perfect. With regard to the latter, he should definitely try his hand at stock market trading given his new-found powers of perfect foresight. [PT]
The recently retired always seem to have the biggest ax to grind. Take Jack Lew, for instance. He started off the New Year by sharpening his ax on the grinding wheel of the GOP tax bill. On Tuesday, he told Bloomberg Radio that the new tax bill will explode the debt and leave people sick and starving.
“It’s a ticking time bomb in terms of the debt. The next shoe to drop is going to be an attack on the most vulnerable in our society. How are we going to pay for the deficit caused by the tax cut? We are going to see proposals to cut health insurance for poor people, to take basic food support away from poor people, to attack Medicare and Social Security. One could not have made up a more cynical strategy.”
The tax bill, without question, is an impractical disaster. However, that doesn’t mean it’s abnormal. The Trump administration is merely doing what every other administration has done for the last 40 years or more. They’re running a deficit as we march onward towards default.
We don’t like it. We don’t agree with it. But how we’re going to pay for it shouldn’t be a mystery to Lew. We’re going to pay for it the same way we’ve paid for every other deficit: with more debt.
A Job Well Done
Jack Lew of all people should know this. If you recall, Lew was the United States Secretary of Treasury during former President Obama’s second term in office. Four consecutive years of deficits – totaling over $2 trillion – were notched on his watch.
Did he ever mention the debt ticking time bomb when he had the opportunity to do something about it? We don’t remember ever hearing this debt bomb allusion from Lew …read more
Source:: Acting Man
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