Paul Krugman NYT Op-Ed: “We Should Kick The Can Down The Road. It’s The Responsible Thing To Do”

keynesiansThe NY Time today published an op-ed penned by Nobel Prize winning economist Paul Krugman on the debt/fiscal crisis facing the US.
Krugman practically proved that Keynesian monetary theory results in an intellegence level roughly equal to that of a 30 year LSD/ meth addict, as Krugman made the following eye-opening statement in his piece:

We’re not going to resolve our long-run fiscal issues any time soon, which is O.K. — not ideal, but nothing terrible will happen if we don’t fix everything this year. Meanwhile, we face the imminent threat of severe economic damage from short-term spending cuts. So we should avoid that damage by kicking the can down the road. It’s the responsible thing to do.

Krugman’s full op-ed titled Kick that Can is below: [Read more...]

US Pension Insurer Runs Record $34B Deficit

The Pension Benefit Guaranty Corp (Federal agency that guarantees bankrupt pension funds) reported Friday that it ended it’s fiscal year with a $34 billion deficit, a 31% increase from the $26 billion deficit reported for the prior year.

QE to Infinity…AND BEYOND!!! will continue to grow exponentially as Social Security, Medicare, Medicaid, the Postal Service, FDIC, PBGC, and innumerable Federal spending programs are all bankrupt, and must either default or have their debts counterfeited away.
Which choice do you supposed Congress, the Treasury, and the Fed will choose? [Read more...]