Congress Spending Like Drunken Sailors

These drunken sailors are eventually going to completely ruin our country's economy by destroying our currency and the Treasury market which are tied together at the hip in one giant Ponzi scheme operated by the inept central bankers at the Federal Reserve. Congress recently raised the debt ceiling by $290 billion in order to close out 2009 - but it almost wasn't enough. As Zerohedge reports, spending surged by over $200 billion in two days, blasting through the old debt limit just after the bill managed to pass the Senate and hurriedly get rubber-stamped by the President. There is "just" $140 billion left until the debt ceiling must be extended yet again.

I agree with Zerohedge's comment:

If the general population understands how close this nation was to the fiscal brink, many more answers may be demanded out of the ruling party as to how it could allow things to get so out of hand.

While a sovereign default in the USA is by no means certain in 2010, one has to wonder just how long these jokers in Congress can tread water before sinking as the debt levels go exponential. But hey! Members of Congress make a $174,000 salary, receive a pension with up to 80% of their salaries for the rest of their lives, and legislate on YOUR health care while kicking back with the elite congressional health care plan. This group of oligarchs constantly intervenes in the economy, commits reckless "stimulus" spending, grants corporate favors to their favorite lobbyists, and has a 93% re-election rate for the past decade. Do you think they really care about you?

One trader, Jim Willie, has consistently been correct, although too aggressive at times, with his long-term predictions. Read his December 16 article "Full Circle of Government Debt Default." Time will tell whether his cycle diagram's prediction comes true.

Economist Jim Quinn has been alerting citizens for over a year, check out his latest "The Road to Perdition."

I recently wrote "Guns or Health Care?" to point out just how insane our military spending has become. I care more about my country than my so-called "representatives" - the incumbent Congressman and Senators in my district put together - because I realize that as our society goes, so too does MY families' standard of living, MY freedoms, and MY happiness.

Disclosure: No positions