It’s not. And from the looks of it… it won’t any time soon.
The world economy is losing strength halfway through the year as high oil prices and fallout from Japanâ€™s natural disaster and Europeâ€™s debt woes take their toll.
Goldman Sachs Group Inc. now expects global economic growth of 4.3 percent in 2011, compared with its 4.8 percent estimate in mid-April, while UBS AG has cut its projection to 3.6 percent from 3.9 percent in January. Downside risks also include a shift to tighter monetary policy in emerging markets.
It certainly makes you wonder just how bad it really has to get before the Administration or Democrats actually admit its getting bad? I mean, right now the entire thing is collapsing and all we hear from these thugs is how it’s all ok.
Just last month he claimed we’re seeing progress and there were “glimmers of hope.”
President Barack Obama said Friday the economy is beginning to show â€œglimmers of hopeâ€ despite remaining under stress and signaled more steps are coming to brighten the business climate. Obama commented to reporters after meeting at the White House with members of his economic team, including Treasury Secretary Timothy Geithner, economic adviser Larry Summers and Federal Reserve Chairman Ben Bernanke. Here, the full text of Obamaâ€™s
This isn’t the kind of hope we had hoped for.
Fellow Tea Partiers, PLEASE work over time to call lawmakers, members of the media and “leaders” within the movement out on this one. Read on…
According to Wikipedia.org, the word Fraud means the following:
According to the Collins English Dictionary 10th Edition fraud can be defined as: “deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage”.
This first sentence in and of itself should end the question of whether or not fraud is involved in the White House, Congress, Wall Street and the media, but it gets even more clear as we read on.
The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent “discoveries”, e.g. in science, to gain prestige rather than immediate monetary gain.
Fraud is a crime, and also a civil law violation.
A default would come if the government actually failed to fulfill a financial obligation, including repaying a loan or interest on that loan.
As the Market Ticker points out, this sentence via the Associated Press is a misdirection and dishonest spin on reality.
The suggestion that a default “includes” a failure to repay a loan or interest. There is no “includes” at all. In fact, a default by definition is ONLY relative to loans and the associated interest.
The United States takes in about $2 trillion in taxes a year. The total interest paid last year was about $180 billion, a ridiculously low blended rate, but that’s what ZIRP (zero interest rates by The Fed) get you.
Let’s assume for a moment that the blended rate was to more than double, to 4%. That would be about $560 billion in interest a year, including interest on the Social Security and Medicare “trust funds” (which aren’t trust funds, but I’ve been over that before.)
$560 billion is about one quarter of the tax revenues that the government takes in. So even were interest rates to more than double The United States would not default.
A recent Politico piece further outlines the mass deception through the way the entire narrative is worded.
Treasury Secretary Timothy Geithner warned Congress Thursday that it must raise the statutory limit on the nationâ€™s debt by the end of March or risk an unprecedented and economically devastating default on American debt.
Now here is where I believe Geithner commits an act of fraud in deceiving us all through extreme misdirection.
â€œFailure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and American businesses and could lead to the loss of millions of American jobs.â€
What they’re tying to do is set up Republicans and anyone else who opposes the increasing of the debt ceiling for political failure. Essentially, they’re created a false belief that if we do not raise the debt ceiling the entire economy will “default.”
But that simply isn’t true. As Market Ticker mentioned, you can only “default” on loans and interest, and we take in enough revenue to cover that.
This is where it gets tricky and why it’s so important to these fraudsters to spin it otherwise…
They do not wish to deal with spending. If we raise the debt ceiling, we continue to spend at current levels.
It doesn’t matter if Republicans try to “negotiate” some silly deal for $50 billion or whatever, nothing will change in the dangerous spending path we’re on. When you stop at a national park, a federal employee will still be monitoring the movement of the animals. When you visit a federal building, an employee will still be polishing the floors for the upcoming press conference.
Nothing will change. And that’s exactly what they want.
Truth is, without raising taxes AND raising the debt ceiling, government cannot continue on its current path of spending. (And even THAT isn’t enough)
In other words… a failure to raise the debt ceiling does not stop us from paying on our loans and interests; it stops us from being able to spend ourselves into bankruptcy.
Do not, I repeat, DO NOT allow Republicans or any self-proclaimed “tea party” officials to fold on the debt ceiling. If they do fold on it, they will have not only bought into the lies behind that mass fraud, they will have become participants.