Forgive me for not posting for awhile. I've been alternately busy and having a slight sinus infection. I have written my representative politicians on a couple of issues in the meantime. There's been so much to follow that it makes my head spin, and it's been yanked to the left a lot lately. I'm not pleased.
On hearing that the federal deficit for June was $94.32Billion, I couldn't resist doing a little arithmetic. That equates to $3.144Billion a day, or $2.18Million a minute, or $36,388 a second. It takes real chutzpah to overspend (not just spend) $36,388 a second, every second of a month, wouldn't you say?
And yet most of our stimulus 1.0 money (forget about the Bush stimulus 0.0) sits around in coffee cans somewhere. I favor pulling the money out of the coffee cans and using it for an immediate payroll tax cut, if they can't dispense it any faster than that. Meanwhile President Obama flogs the Congress to pass a gargantuan medical spending bill.
Oh, and the promise of government largess already has distorted the renewable energy market. It seems negotiations on new projects and plants have stopped or slowed, because providers of private capital need to wait to see who gets the government funds, and how much, and under what terms.
This all is definitely change, but not that which I can believe in.
I noticed that the overall movement after the credit debacle started to unfold was called deleveraging. That means that in general entities are moving out of debt. Yet massive government debt dominates the news. Maybe just the owners of the debt have changed. And there are solid signs a commercial real estate debacle lurks in the not-too-distant future. It seems to me the government would be wise to cool it a little so it has some ammo left for that one.
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