By: Mark Hyman
Every day this year, Washington politicians have tried to warn us . . . . frighten us . . . even threaten us. Increase government spending or America will collapse!
The amount of spending needed to be cut in the sequester is now only $44 billion.
Consider these numbers in comparison:
In January, Washington increased taxes on everyone earning $400,000 or more. Raising an additional $40 billion in tax revenue.
Days later, Congress passed a $9.7 billion Hurricane Sandy relief bill. This paid the insurance claims for homes damaged in the storm. Then a second bill for $50.7 billion was passed that gave Sandy relief money to 47 of the 50 states plus the District of Columbia.
Remember that $40 billion tax increase? Wiped out by $50 billion in Sandy pork.
The very same week the $44 billion sequester was to go into effect? The US Federal Reserve quietly pumped $100 billion into major banks. Not US banks. European banks.
[See the H.8 statement of the Federal Reserve (here). Go to page 18 line 25 and compare columns Feb 20 ($836.2B) and Feb 27 ($935.6B). The difference of $99.4B is the amount the Fed pumped into foreign banks in just that one week!]
And we’re all footing the bill.
Runaway spending is only the symptom.
Washington politicians are the problem.
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.