What Did We Expect?

So the news is that the "super debt committee" has failed to agree on a way to cut about a trillion dollars from the U.S. spending addiction. I would have been surprised if they had found a way to agree, I would have also been holding onto my wallet! Surely no one really thought these few politicians were going to take the axe to a trillion dollars that people who are going to be voting for, or against, them were counting on. The only remarkable thing about this is that someone was foolish enough to set up such a 'waste of time' to begin with.

Now they say, that since an agreement was not reached there will be automatic across the board cuts that will kick in and take the shortage from the budget; but not until 2013, that would be after next falls election. Rather convenient for all those facing election in 2012, which I would assume included some on the committee.

To hear the news coverage, this failure puts us into somekind of a crisis. How can that be, since they are talking about a budget that is over a year away? By then the Federal Reserve will have the printing presses fired up and create from thin air a few more trillion dollars to prop up the overspending government.

Sooner or later we will have a "crisis" if we keep spending money we don't have. I don't see where there is the will on the part of elected officials, nor the public at large to stop spending money we don't have. Everyone wants their own piece of the pie and woe to any elected official who cuts my piece too thin.

My personal opinion is this: We will not stop spending and printing money until the train goes over the cliff, the seeds of self-destruction are already planted, watered and are going to grow until we reap the harvest of what we have planted. Rather cynical and pestimistic, but if anyone can see how we are going to overcome this mess, I would love to hear the solution.