Posted by
ApolloSpeaks on Friday, June 17, 2011 8:31:34 AM
On Tuesday VP Joe Biden, the man who predicted a Recovery Summer for the economy last year with jobs raining down from heaven, said he was optimistic that there would be a Summer of Love ahead for Republicans and Dems where they'd hold hands, bury their differences and reach a compromise on raising the debt ceiling by several trillion dollars. Conventional wisdom says that Biden is right for a change. For everyone from Geithner to Bohener to Harry Reid assures us that a deal is in the works and will happen well short of the August 2nd deadline, perhaps in time for the 4th of July. I hope they are right. America can't afford a credit downgrade as threatened by Moodys and S&P. For that would raise the interest on our unsustainable debt and add significantly to the deficit worsening our economy, weakening the dollar and sending us hurdling toward the Greek abyss. But the divide between the parties is wide and deep and the signs I see (if signs they be) are signifying woe and no deal at all by August 2nd.
For Democrats want to raise the debt ceiling along with taxes on the rich to pay for it. And Republicans opposing this will only agree to a debt increase with corresponding dollar for dollar spending cuts and no tax hike on anyone (raising taxes during a recession is called Hooverism and was a significant factor causing the Great Depression). That conventional wisdom could very well be wrong and that August 2nd might come and go without a deal is signified by the following signs:
August 2, 2011 is the 924th day of the spendthrift, bankrupting Obama presidency; it is also Obama's 132nd week in office. Moreover, August 2nd is 462 days to Election Day, which equals exactly 66 weeks. Now what do these numbers have in common aside from their being even? All are multiples of 11: the number symbolic of division, conflict, unbridgeable differences, uncompromising opposition and war* (which I wrote about here in relation to 9/11 and Islamic extremism), hence:
924=11x84
132=11x12
462=11x42
66=11x6
*The number 11 gives us the image of two parallel lines which when extended indefinitely will never intersect or meet. In the case of the great debt debate it is symbolic of minds never meeting and reaching an agreement.
Moreover, the key words for this looming crisis: DEBT CEILING and DEBT DEFAULT have 11 letters each; and $14.3 trillion, the current debt ceiling, is a multiple of 11 1.3 trillion times. And finally, 2011 is the 11th year of the 21st century, not an auspicious time for compromise-especially with an ideological commander in chief whose presidency number 44 is a multiple of 11 x 4.
Best case scenario is that the parties will play brinkmanship up until the 11th hour; and that on the eve of August 2nd Dems will cave into public opinion and principled Republican opposition and agree to massive spending cuts with no tax hikes to raise the debt limit. But I'm not holding my breath. If it doesn't happen then we're stuck with the current debt ceiling of $14.3 trillion without spending cuts-the disastrous, irresponsible debt ceiling of Obama, Pelosi and Reid and the Democrat led 111th Congress. God spare us that catastrophe.
Warren G. Harding, perhaps the greatest economic success story of any US President fixing a crisis.
AUGUST 2ND AND WARREN HARDING FATHER OF THE ROARING TWENTIES (slightly revised)
August 2nd will mark the 88th anniversary of Warren Harding's death from a massive heart attack during his presidency. We must take this as a sign on how to end the deficit and debt crisis and get the economy booming again. For when he took moffice President Harding inherited a deep recession (some call it depression) from Woodrow Wilson with an 11.7% unemployment rate and a tremendous loss of revenue to government despite a 70% marginal tax rate on the wealthiest Americans. Harding's cure, which unleashed the magnificent Roaring Twenties, balanced the budget and sent government revenues, the economy and job creation soaring*, was to drastically slash taxes, spending and suffocating regulations. Indeed, a much better model than Reagan or Kennedy for ending this recession and putting the nation on the road to recovery and fiscal solvency is the Solution of Warren G. Harding, Father of the Roaring Twenties.
*In three years the unemployment rate amazingly dwindled to a mere 2.4%. WHAT A FEAT!
Also read
Postscript: Conservative Holy Trinity For Economic Recovery
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Harding, Coolidge and Andrew Mellon were the Conservative Holy Trinity of tax, deficit and regulations reduction for economic growth, job creation and national prosperity. What America got from the Wilson years we need today after the lunacy of Barack Obama: A RETURN TO GOOD SENSE AND NORMALCY!
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