As the markets crash day after day and the numer of unemployed people goes up, you need to keep something in mind.
President Obama's primary goals are income equality and stopping what he thinks is Global Warming. Jobs and the economy is at best a distant third. No matter what he says, jobs and the economy are not important to him.
This year we are supposed to borrow $1.7T and it will probably end up much higher than that. Over at Brad Setser's blog, we've been doing the math in the comments of this post and it looks like that will be just about every penny of investment money on the planet.
Under no circumstances would anyone suggest that taking every penny of investment money from everywhere on the globe and handing it to any administration was a good way to get the economy to grow.
Also, if we can't borrow the money, we will simply print it. That is a betrayal of our creditors' trust - we will be purposefully devaluing their investments in dollars and Treasuries.
This is not an accident and it's not going to come as a surprise to the Obama Administration. This is being done on purpose because they don't care about the economy or jobs.
2 comments:
And I thought you were going to say PrezBo intended to reduce inequality by bringing everybody down, not by raising anybody's standards of living.
(suptoxe)
Anon, you're on to something.
Coming up on this blog someday in the future is a post discussing how inflation is the Great Equalizer.
Captcha word: oyeran - the Jewish version of Ayn Rand.
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