{"id":38694,"date":"2018-10-04T11:44:16","date_gmt":"2018-10-04T16:44:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38694"},"modified":"2018-10-04T11:44:16","modified_gmt":"2018-10-04T16:44:16","slug":"debts-deficits-a-slow-motion-train-wreck","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38694","title":{"rendered":"Debts & Deficits: A Slow Motion Train Wreck"},"content":{"rendered":"

Debts & Deficits: A Slow Motion Train Wreck<\/a><\/h3>\n
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Last Friday, I discussed that without much fanfare or public discussion, Congress decided to push the U.S. into deeper fiscal irresponsibility with the\u00a0passage of another Continuing Resolution (<\/a>CR<\/a>).\u00a0To wit:<\/p>\n

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\u201cThe House on Wednesday passed an $854 billion spending bill to avert an October shutdown, funding large swaths of the government while pushing the funding deadline for others until Dec. 7.<\/em><\/p>\n

The bill passed by 361-61, a week after the Senate passed an identical measure by a vote of 93-7.\u201d<\/em><\/p>\n<\/blockquote>\n

Without the passage of the C.R. the government was facing a \u201cshut-down\u201d<\/em> just prior to the mid-term elections. So, rather than doing what is fiscally responsible for the long-term solvency and financial health of the country, not to mention the generations to come, they decided it was far more important to get re-elected into office.<\/strong><\/p>\n

As I noted last week:<\/p>\n

\u201cFor almost a decade, Congress has failed to pass, and operate, underneath a budget. Of course, without any repercussions from voters in demanding that Congress \u2018does their job,\u2019\u00a0the path to fiscal insolvency continues to grow.<\/em><\/p>\n

The Committee For A Responsible Federal Budget made the following statement:<\/em><\/p>\n

\u201cWe\u2019re pleased policymakers have likely avoided a shutdown and actually appropriated most of this year\u2019s discretionary budget on time. But let\u2019s not forget that Congress did so without a budget and had to grease the wheels with $153 billion to pass these bills. That isn\u2019t function; it\u2019s a fiscal free-for-all.\u201d<\/strong><\/em><\/p>\n

Of course, with\u00a0trillion-dollar deficits just around the corner, the negative impact from unbridled spending and debt increases will begin to reverse the positive effects from deregulation and tax reform.\u201d<\/em><\/p><\/blockquote>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Debts & Deficits: A Slow Motion Train Wreck Last Friday, I discussed that without much fanfare or public discussion, Congress decided to push the U.S. into deeper fiscal irresponsibility with the\u00a0passage of another Continuing Resolution (CR).\u00a0To wit: \u201cThe House on Wednesday passed an $854 billion spending bill to avert an October shutdown, funding large swaths […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3461,2624,15470,837,1796],"class_list":["post-38694","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debts","tag-deficits","tag-real-investment-advice","tag-us-budget","tag-us-congress"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38694"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38694\/revisions"}],"predecessor-version":[{"id":38695,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38694\/revisions\/38695"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}