Even the talking heads on MSNBC will have a hard time blaming the coming crisis on the right. When that day comes, conservatives should be very glad that Obama won re-election.
I’m beginning to think it doesn’t much matter whether this country plunges over the so-called fiscal cliff in two weeks. Regardless of whether Congress and the President reach some sort of accommodation over how much the “rich” will be taxed, a financial train wreck looks almost unavoidable.
Consider a few of the warning indicators that are flashing.
The Bureau of Labor Statistics just reported that 847,000 new jobs were created in the United States in the past six months. While that’s not enough to make a meaningful dent in the unemployment numbers, it’s at least a step in the right direction, right?
Not when you read the fine print in the BLS report. When you do, you’ll discover that 73.3 percent of those new jobs are in government. That’s right; of all the new jobs created in the United States since June 1, the Labor Department says only one in four were in private enterprise. All of the rest are new government employees. No wonder government spending is going through the roof.
Speaking of government spending, in the first two months of Fiscal 2013 (which began Oct. 1), the Federal government spent $638 billion. But it collected only $346 billion in revenue. This means that it borrowed 46 cents for every dollar it disbursed.
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Chip Wood (photo)