Friday, April 8, 2011

Sound and Fury ...Signifying Nothing

The budget impasse is a lot of drama over very little. A $ 40 billion spending reduction shows that neither political party understands the depth of the US's national debt problems. It will likely take a failed treasury auction before the politicians on either side of the aisle understand how serious the US situation is. We are not that far from a Greece debacle or a Portugal debacle....and the European Central Bank is not available for our needs. Perhaps Obama should go ahead and take his Virginia vacation this weekend as planned. He doesn't really understand what's going on anyway.

By contrast, the victory in Wisconsin for Scott Walker is a true victory for fiscal sanity. Things look brighter in Wisconsin, but they remain pretty dim for the US taxpayer.