Start the conversation
Comment on This Story
Or to contact Money Morning Customer Service, click here.
At the risk of sounding trite, let me just say that "here we go again."
Overnight budget talks failed to lead to a federal budget agreement, and now we're just a few hours from the first U.S. government shutdown in 15 years. The shutdown could put 800,000 federal employees out of work, while creating a nightmare for U.S. taxpayers who are regular users of government services.
As bad as that all sounds, the shutdown threat isn't the worst thing I see here – not by a longshot.
The worst thing is that – with a $14.2 trillion national debt – the part of the budget the two sides are squabbling over is miniscule. Democrats have agreed to $34.5 billion in spending cuts, while the Republicans have agreed to $39 billion for the fiscal year that ends Sept. 30.
It's a rounding error.
There are apparently a few other issues, too, but they also are relatively minor. So here these folks are, arguing over things that really don't matter – and doing so at a time when our country is struggling to rebound from its biggest financial crisis since the Great Depression. It is without a doubt an unprecedented national dilemma – and the biggest challenge – that this country will likely see in our lifetimes, especially as we claw our way back from the brink of financial oblivion.
About the Author
Keith is a seasoned market analyst and professional trader with more than 37 years of global experience. He is one of very few experts to correctly see both the dot.bomb crisis and the ongoing financial crisis coming ahead of time - and one of even fewer to help millions of investors around the world successfully navigate them both. Forbes hailed him as a "Market Visionary." He is a regular on FOX Business News and Yahoo! Finance, and his observations have been featured in Bloomberg, The Wall Street Journal, WIRED, and MarketWatch. Keith previously led The Money Map Report, Money Map's flagship newsletter, as Chief Investment Strategist, from 20007 to 2020. Keith holds a BS in management and finance from Skidmore College and an MS in international finance (with a focus on Japanese business science) from Chaminade University. He regularly travels the world in search of investment opportunities others don't yet see or understand.
Does any of the elected officials get the picture that around 200 BILLION needs to be shaved from the federal budget for 5 YEARS running just to get to 1 trillion which will just about cover the deficit for one year…… What government ???? What future ???? These jokers with their dog and pony show can't even come to terms with 20 or 30 or 60 billion ?????
FROM AUSTRALIA. THIS HAS BEEN VERY INTERESTING.
I am a disabled veteran from the Gulf war and voted republican all my life until this last election when I changed my designation because I thought Bush was wrong and spreading our men and women in uniform too far by trying to fight at least two wars that I know of that absolutely had nothing to do with our country other than to make up for his Daddy's mistake in 1991 by not going all the way to Baghdad and taking out Saddam then when we could have so easily. People we were only 75 miles from there and… Read more »
Todays problems with ALL politicians in just about every country is their need of self preservation . There are no statemen any more , only politicos