Why US Congress does not pass a budget

[supplied]

This may appear to be a problem just for the USA – it’s their government’s debt, right? However, if the US ‘implodes’ from that debt, the world’s financial markets will implode too, and then we’ll all be in deep, deep trouble!

WARNING: IF YOU CAN’T HANDLE REALITY AND WOULD RATHER NOT KNOW WHAT IS PREDICTED FOR THE UNITED STATES OF AMERICA, DO NOT WATCH THIS.

Not so complicated when it’s laid out in simple math. The pain that he’s talking about? Remember, government’s biggest source of income is ORDINARY Americans. Start getting ready for it as best you can.

Why Congress Does Not Pass a Budget

Published on Mar 14, 2012 by Hal Mason

See parallels to Dunedin City Council and its debt, and who will have to pay

Posted by Elizabeth Kerr

4 Comments

Filed under Business, CST, DCC, DCHL, DVL, DVML, Economics, Media, ORC, ORFU, People, Politics, Project management

4 responses to “Why US Congress does not pass a budget

  1. amanda

    ” …Washington is speeding toward the cliff there is no hint of slowing down …the question is not if but when the US will collapse from the weight of the soaring debt… they borrow every dollar to operate…instead of solving the crisis they raise the debt ceiling….everyone must vote for representatives who will focus on the financial solvency of the US…” Sounds like Dunedin. Like the US we have to get rid of Crs Hudson, Noone, Brown and fellow fiscal nincompoops on council who have put the city in the financial quagmire, they are part of the problem for the city, not the solution.

  2. Anonymous

    Heating up. Health up. Food up. Fuel up. Rich richer. Poor poorer. Jobs going, going, almost gone. Media bought and bought. Among others, Gerry Brownlee is bringing us some that news today and somehow the horror feels fitting. When the U.S.A. goes, Australia goes and then New Zealand goes. John Key simply leaves and the Stakeholders of this city can put their feet up in Queenstown.

  3. Calvin Oaten

    If anyone is surprised by this I only ask the question; why? The USA and Europe have been running into a debt chasm for over two decades. One only has to look at Japan to see where we are headed. Japan has been locked in a depression for twenty years now, and it as a nation was one of the most frugal savers. It was/is the politicians who, hell bent on meddling and improving who caused – and are still causing – the mayhem. The result was an enormous credit bubble which is now deflating. The politicians answer is to pump more credit into the deflating economy in the belief that the ‘lumpen’ consumers will borrow and consume their way out of it. How on earth can more debt fix a problem caused by too much debt? No, the only way this will be resolved is when the governments realise that creating money will not work. Then we will see the “Great Correction” kick in. Throughout history, everything sooner or later reverts to the mean, and there is no reason why it won’t happen this time. It is just a question of when. Our little old DCC is no better either, in just less than a decade it has raised the city’s indebtedness from a peak of $35 million (for strategic infrastructure) to $360 million (and growing) largely for non earning projects. The servicing costs to be borne by the ratepayers is mind boggling. And to add insult to injury, our ‘corporate buddies’ in DCHL have been keeping pace as hard as they could. In Y/E June 2005 its term borrowings stood at $212.486 million. As at 31 December 2011 it was $602.008 million.I can’t wait for the latest Annual Report to see where it is now. It is not rocket science to see that the total indebtedness of this little city is nudging $1 BILLION!! Not too bad for around 54,000 ratepayers. Around $18,500 per ratepayer, and growing. Seriously, it is only a matter of time before the curtain comes down. I predict it will be when interest rates get off their historical lows and take off like they did in the late 1980s. Can’t happen? Just watch it. It sure ain’t going to be pretty.

    There is a video available about the United States situation made about 3 or 4 years ago. It is called “IOUSA”. A very excellent analysis of the situation which has progressed somewhat since. A very worthwhile look.
    When will it all start? Ask your average Greek, or a Spaniard, or a Portuguese, or better still, ask Bill English, he will just look like a stunned mullet.

  4. Anonymous

    Just look at the rich. It’s not just greed, but desperation too. They know the reset is coming and they’re grabbing as much material wealth to themselves as possible. Their selfishness inspired by fear is escalating the situation.

    The bubble is bursting and people are going against the wall. So far the media and government have been able to conceal or play down these occurrences as individual events but the pressure is all around us. It’s in the frustration of driving to work, in the uncertainty about jobs written on faces, in the worry about paying the next bill, having to defer a doctor’s visit, the patience necessary to get through to the next payday and the knowledge every essential cost of living keeps going up, while the rich get richer, and politicians get dumber, all grinning at you and telling you to bear it.

    People are angry and it’s all around us. Knowing that tired employee is angry towards you because they’re angry at the world is a hard thing to understand when faced with it. I suspect many people could relate to having this experience now.

    Watching society boil is grim.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s