(from Washington Times, source Grady Means:)
“Technological advances that traditionally drive productivity increases and economic growth will not be able to keep up with this collapse. When might this all happen? Paul Volker indicates we might face a mess like this in the next year and a half. David Walker, former U.S. comptroller, i.e., the former chief accountant of the U.S. government, has suggested similar time frames for economic catastrophe. Most agree that the budget sequestration approach won’t work from either economic or political perspectives, and mindless across-the-board cuts in spending will only exacerbate a mess.”
Well, the places to cut are “wars” only sustained to support the whole skim of contracts and pet projects for electoral districts. The next places to cut are the useless wars on drugs where prohibition only makes rich “tax exempt” criminal cartels, and the wars on terror, only good for further “political districts” appropriation.
Terror kills less than road accidents, nevertheless Detroit has not (yet) been shut down, unfortunately. Then one more place to cut, is rescuing a predatory banking system, partying with the bonuses paid by QE. Round them all up, three banks for the US are more than enough.
Then what about privatization of feuds of clientele like the postal service, and the downsizing of all the chair-warmers in endless chair-warmers offices at federal, state, county and city levels, “a lot” of the useless bureaucracy service could just be moved online, and turn out more efficient.
At the opposite side of the story BAU of two hours commuting, Detroit gas guzzlers, and suburbia, will have to go, so some of the “not negotiable” giant egos may have to revise their bigotry as soon as the pumps run dry, if people are stuck in their cul de sac, america stops running, so is it not about time now to go telecommuting and logistic delivery of goods directly to the homes ?.