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On April 5, Washington Post writers Lori Montgomery and Philip Rucker headlined, Republicans embrace Rep. Ryan's government budget plan for 2012," saying:
Their vision includes "privatiz(ing) Medicare for future retirees, cut(ting) spending on Medicaid, and other domestic programs, and offer(ing) sharply lower tax rates to corporations and the wealthy."
Drafted by House Budget Chairman Paul Ryan, the proposal aims to cut discretionary spending "to its lowest level since 1949," Ryan claiming it will create jobs and promote growth by slashing "relentless government spending, taxing and borrowing."
Longtime financial analyst Bob Chapman disagrees, saying in his latest International Forecaster commentary:
"Virtually no change in out of control spending" is planned. "The deficit is accelerating not decelerating. It is obvious that (lawmakers) know exactly what they are doing and that is destroying the financial system and the American economy. By the end of the year and perhaps sooner, the deficit will be more than 100% of GDP, a role reserved for Banana Republics, and there is no end in sight."
"No reality check, no control, no attempt to stop the deficit hemorrhage. War spending rages out of control," Obama's latest foray exacerbating it. "The nation is being ripped apart internally and there is no respite in sight. (No one) understand(s) that things cannot go on this way. Austerity is going to be thrust upon us and there is going to be economic chaos" because military spending and corporate handouts are prioritized over public need.
Moreover, "(t)he Fed is destroying the monetary system. The president and Congress are burying the economy in debt, and our transnational conglomerates along with this gang of criminals have" destroyed America's industrial base...."There is no question that the US government will have ongoing deficits of $1.3 to $2.2 trillion annually for some time to come." As a result, "there is no chance of the debt of government ever being paid."
Instead, limits will be raised. "The Republicans are playing politics and remember the same group of thieves overwhelmingly control both parties." The amount of government-sanctioned fraud is incomprehensible. "The question is do we save America and civilization as we have known it, or do we allow it to collapse around us," making our futures "irreversible."
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