Thursday, November 17, 2011

Money We Don’t Have and Things We Don’t Need

Here’s a pop quiz for you on this lovely day-before-Friday morning:

1. Why does United States Attorney General Eric Holder need “five days on the taxpayer’s dime hopping around Caribbean islands in the name of improving law enforcement in the region?” as Daily Beast writer John Solomon so aptly asks.

2. Why would he especially be doing this right after President Obama outlined his new austerity plan to cut down on government spending?

3. Why does the United States government need to employ 65,000 TSA workers in airports all across the country, when they’ve allowed a collective 25,000 security breaches in the past decade, including the Underwear Bomber?

4. Why does the United States Department of Energy dole out money to haphazard visionaries with sketchy business plans as if taxpayer money grows on trees?

And a bonus question: Why did we bail out General Motors when it was just going to suck up and shred taxpayer money – now $9 billion and probably rising – like there was no tomorrow to worry about?

For Q1, you can argue that Eric Holder doesn’t feel like dealing with the aftermath of his disastrous Fast and Furious gun running scheme. As for Q2, let’s face it: Obama’s rules and regulations don’t apply to his friends, cronies or fellow liberals, which exempts Holder three times over.

Q3’s answer should read something along the lines of “Because they say so. So there! Now shut up and get back in line to be photographed naked and possibly catch cancer.” And Q4 comes down to this: Obama’s buddies need their money somehow, right?

Of course, I’ll also except the following blanket answers for all of them, including the bonus question: The government is incompetent, the government doesn’t respect the people, or the government just really doesn’t want to face the facts … despite all of the evidence piling higher and higher around it like so many stacked notices of payment due.

Hedge fund legend Mark Mobius stated the extreme obvious when he predicted the certainty of “another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis.” That much is extremely obvious, considering the state of the Western world.

Things just keep getting worse in Europe, with Spain’s 10-year debt costs hitting new highs and so many other countries in the euro zone on the ropes as well. And now Fitch Ratings says that, “Unless the euro zone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen.”

There’s no quick way out of this mess, but there’s still two very obvious steps we can take right away: Stop spending money we don’t have on things we don’t need and then kick the bums out.

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