SWINDLING FUTURITY

SWINDLING FUTURITY by Jim Quinn – The Burning Platform

“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”Thomas Jefferson

Yesterday the government reported a “modest” August budget deficit of $108 billion. That’s one month folks. This is another example of how the government and their mainstream media mouthpieces portray horrifically bad, extremely abnormal financial data as normal and expected. They pretend everything that has happened since 2008 is just standard operating procedure. They follow the Big Lie theory to the extreme. The masses have been so dumbed down, desensitized, and taught to believe delusions, they can’t distinguish the abnormal from the normal.

Those in power pretend near zero interest rates eight years after the recession was supposedly over is normal. They pretend $500 billion to $1.4 trillion annual deficits are normal. They pretend 20% unemployment is really 4.4%. They pretend the stock market is at all-time highs due to an improving economy rather than central bank easy money and corporate stock buybacks. They pretend $20 trillion of debt and $200 trillion of unfunded welfare promises is no problem. We are living in the grand delusion.

The $108 billion August deficit brought the year to date deficit to $674 billion. With one month left in the fiscal year, the deficit will end at approximately $750 billion. Does that strike you as normal? The propaganda media will spin this dreadful result as positive by saying it is down from $1.4 trillion in 2009. They won’t mention it is up 70% from the 2015 deficit and the highest since 2012. No one ever mentions the annual deficit in 2007 was “only” $161 billion. As a cherry on top of this mass deception, the total budget deficits reported since 2002 totaled $9.4 trillion, while the national debt rose by $13.8 trillion. Just a slight $4.4 trillion accounting discrepancy among friends.

The chart below reveals some fascinating insights into the depths of debt depravity we’ve descended. With interest rates near record low levels, interest on the debt of $275 billion exceeds the total receipts from corporate income taxes. The Fed will never willingly normalize interest rates because allowing rates to go back to 2007 levels would blow the budget deficit sky high. Even an Ivy League academic can figure that out.

The supposedly fiscally responsible Republicans hold both houses in Congress and the White House. But there is no fiscal constraint being practiced by anyone in Washington D.C. Social Security, Medicare, Interest, and Obamacare are on automatic pilot accelerating rapidly. Congress just increased the war budget by $100 billion, because war is our main racket. Tax cuts for corporations and an infrastructure boondoggle are on the way. And providing tens of billions in hurricane relief funds is a given. This pretty much guarantees a $1 trillion deficit next year.

Total government revenues (aka taxes) are only up 2% over last year. Something seems amiss. The relentless narrative spewed by Trump, government bureaucrats and the corporate mainstream media is we have added 1.5 million new jobs in the last year and corporate profits are at all time highs. If the economy was booming wouldn’t individual income taxes, Social Security taxes and corporate income taxes be booming? Shouldn’t they be pouring into the US Treasury’s coffers? Somebody must be lying. Can you guess?

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The Burning Platform

Hardcore and hard hitting economic analysis. The Burning Platform presents information and analysis you will not find anywhere else. Various authors from a variety of backgrounds. Jim's work is featured regularly on Zerohedge.