Ace:
Hey, let me start you weekend with a huge downer.
It is beginning to appear that the “New Normal” of very slow growth — almost indistinguishable from a recession — is going to be with us for a long time to come.
Previous generations of politicians could reach agreements on taxing and spending by punting their differences to the next generation — that is to say, where they could not agree, they could agree to borrow the difference, and expect the next generation to pick up the tab.
This was never moral nor responsible but it was workable so long as each generation was wealthier than the last, so that the next generation would have the money to pay for the previous one’s profligacy and irresponsibility.
What happens when that is no longer true?
We are about to enter a truly brutal phase of American politics, in which we will less and less be able to call in the wealth of the next generation as a way of papering over differences between segments of the population. For a long time to come, a Winner today will not make a Loser some time down the road (who cannot complain too much, as his loss will register in the future).
Government-Mandated Winners will come at the expense of Government-Selected Losers in the here and now, people who can and will object. Passionately, and even, possibly, violently.
The United States has been, thusfar, exceptional in a fairly low level of social disorder and political violence. Such things plague most of the rest of the world, but the United States has mostly avoided such things.
But we avoided such things because we were always becoming richer, and could afford to float a certain amount of keep-the-peace debt.
But we’ve lost that exceptional advantage. The last big innovation in American industry was the internet, and while this does provide certain improvements in informational efficiency, it has nothing like the game-changing effects of the rise of mass production, or the rise of the steam engine and then the gas-powered engine, or the rise of electrification, the explosion in agricultural productivity, and so on.
Those were major technological breakthroughs that provided immediate increases in wealth and then even more increases over a period of decades, as the technologies were further exploited.
The internet boom and potent, cheap computing power provided a small boost in the mid-nineties, and by 2010, its capacity to increase efficiency was all but fully exploited.
There will not be another big gain in American productivity, and hence American prosperity, until there is a similarly large breakthrough in a technology with wide economic implications.
This doesn’t work.
For every 1 trillion in debt every newborn owes $13,000.
That’s $210,000 if you are born today.
The ”next generation,” simply will NOT pay this.
But cutting the ”growth,” (not the SIZE) of government?
That is also not going to happen.
Look at the last 16 days during the shutdown.
We learned that (had Obama not tried to make life miserable for Americans) we could get along indefinitely without 400,000 federal employees.
Yet they are all back.
Raises and back pay are in their near futures.
Obama has averaged 101 new federal employees every day he’s been president.
This won’t stop.
Neither will cuts happen.
Between now and Feb 7th, 2014, Obama has NO LIMITS set on how high he can raise the federal debt.
In his 1st 24 hours after he signed the deal he borrowed $328 billion dollars.
His ”wish list” is on his desk.
Whenever a cut in the GROWTH of federal government is even flown as an idea, it is slammed down by media, Obama and liberals.
Before the federal government can collapse, the entire society will.
Not the other way around.
Nan G
ACES HAS A VERY GOOD POINT, A NEW ANGLE AND NOT SUBMIT BEFORE AS FAR AS I CAN SEE,
SOME KIND OF DOOMSDAY WHERE THE EXTREME WILL RISE TO CORRECT A PROBLEM WHICH NO ONE in Government HAD THE GUTS TO TOUCH EVEN THAT IT MUST BE TOUCH, BECAUSE THAT PROBLEM IS THE “KEY”
TO OPEN THE DOOR TO BRING THE CLEAN AIR INSIDE,
IT WILL COME BUT SHOULD SO MUCH TIME BE WASTED WHILE WE DELAY,AND FOR YEARS ,DELAY!!!!
BUT WE NOW SEE THE BRAVEST COME OUT AND SHOUT OUTRAGE for the lies, ,THEY TALK FOR THE PEOPLE, WE MUST SUPPORT THEIR EFFORTS,
BECAUSE THEY ARE RECIEVED BY THE WORST ATTACK EVER,
THEY ARE FEARED FOR DARING TO SAY: HEY GET THAT OBAMACARE OUT OF HERE ,
WE THE PEOPLE DON”T WANT IT,
hey, I read that : THE CONSTITUTION SAY; YOU CAN TAKE AWAY A BAD LAW, check that up AMERICA