Never has it been more clear to Americans that what is good for the goose (the Federal government) is not good for the gander (state/local governments, businesses, and the average Joe Blow like you and I). Fresh on the heels of the last-ditch federal spending cut deal last Friday, I received the following Tweet today–just 3 days later–from CNBC:
White House: Not Raising Debt Limit Would Have Armageddon-Like Consequences
OK, this is one case where hyperbole is warranted, even if it is hypocrisy, lunacy, and irresponsibility all rolled into one. So, the hucksters can sell themselves as aggressive cost cutters last Friday, when they cut federal spending by $40 Billion with an anticipated 2011 federal deficit of $1.6 Trillion (they cut spending by just 2.5% of the projected deficit!), and they can do a quick about-face on Monday and talk about needing an increase in the federal debt limit, which is currently at some $14+ Trillion. While the rest of the country struggles with the challenge of balancing their budgets during difficult times, because they have no other choice, the federal government believes different rules apply to them. There is no glory in cutting the deficit, boys and girls. Balance the damn budget.