Mendte: Sequestration And Financial Crisis
NEW YORK, NY. (WPIX) – Have you noticed that we keep avoiding one impending financial disaster after another?
Last summer there was the debt ceiling debate that threatened to close down the government and forever damage the financial credibility. But that crisis was averted at the last minute by the super committee formed to once and for all solve our debt problems. They failed, but there was no time for another financial crisis because of the presidential election.
When the incumbents told us everything was roses and rainbows. We`re fine, we`re on the way to full economic recovery.
So, we had a short intermission between crisis, end of intermission.
But right after the election, the fiscal cliff. Oh no, one could ever imagine the financial calamity if we go over the fiscal cliff. And then at the last minute we again avoided going over the cliff.
But just three months later, sequestration and the coming of the financial apocalypse because of mandatory federal budget cuts. Millions would be laid off. There would be hysteria in the streets.
And this time we didn’t care. The country was desensitized to financial crisis. So Congress did nothing and guess what? Nothing happened.
It`s been 4 days since the sequestration budget cuts and America is just fine.
The president is correct when he criticizes the merry go round of manufactured financial crises, but he himself has been part of it.
The president, congress, republicans and democrats are running the merry go round because they can distract us with the crisis of the moment, ignoring the real crisis.
Over 16 trillion dollars of debt- 8% unemployment and stagnant growth.
That crisis doesn’t have a clever name, so let`s just call it reality. And you know why no one is talking about it, because they don`t know what to do about it.