Now the Only Good Federal Action is No Action at All

Archive Blog from October 26, 2016 by Anne Trimble

Maybe we should just feel fortunate that the Fed apparently has decided to keep sitting on its hands for the next couple of weeks, in advance of Election Day, and not raise interest rates until December, when it can’t be accused of trying to affect the vote.

It’ll be one of the only honorable things that anyone in control of any of the mammoth levers of U.S. monetary and fiscal policy has done in years.

Because everything else they’re doing continues to rip at the seams of the American economy and erode the foundation on which this country was built. Especially when it comes to fiscal policy.

Just look at a couple of examples, one very recent, and the other ongoing.

Consider ObamaCare. President Obama took what the Wall Street Journal called “a health-care victory lap” last week in Miami, patting himself on the back for “all the progress that we’ve made in controlling costs.” Yet the same week, his actuaries in the federal government reported that ObamaCare premiums will soar 25 percent on average year! And that average hides typical expected premium jumps for, say, a 27-year-old living in Arizona of 116 percent.

Of course, everyone knows that ObamaCare was largely a pretext for yet another government power grab, and that what its architects actually hope is that it will fail so badly that Americans will clamor for the feds to just go ahead and take over all of health care anyway so that it’s not such a mess! But just look at the damage that the socialization of medicine is doing to individual lives and the federal budget in the
meantime.

When it comes to the federal government destroying our country, however, nothing compares to how administration after administration, and fed chief after fed chief, have run up U.S.-government debt. It took more than 200 years for American governments to compile the first $1 trillion in debt. But over the last generation, it has reached a record $20 trillion, including the last $1 trillion of obligation in just the last 14
months!

Given all of this, do you trust the next president and Congress, whoever they may be, to have the integrity, intelligence, political will and general wherewithal to make a huge course correction and somehow rescue the creaking U.S. debt-money system from sure collapse?

Or do you think it’s inevitable that deficit spending and a lack of government discipline have hurtled us irreversibly toward a financial collapse that will make the Lehman Brothers calamity of 2008 look like a mere pre-game warmup?

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