WASHINGTON WILL DO NOTHING UNTIL CRISIS HITS « The Burning Platform

Geithner has stated he needs a $2T line of credit by May 15, giving himself 4 weeks before runaway federal deficit spending burns through April's tax receipts. The debt ceiling will be raised, after much debate, because no one in Washington has any interest in cutting spending, only maintaining status quo. Unfortunately for them, the current status quo is unsustainable. As the economy continues to flat line, and each additional deficit dollar spent continues to trickle up, and people begin feeling the cuts in State spending, Muni and Pension defaults, or any of a myriad number of unpleasant scenarios, and the backlash against Washington will come in 2012. That is if we even have elections in 2012, and a national state of emergency doesn't exist. There are too many vested interests that stand to lose too much to allow a Constitutional Convention, or whether one would even produce workable reform. It may be, too, that things will have gotten so bad, that a Constitutional Convention will be the only viable option. It's hard to say whether things will get bad enough to topple the current government, but it's painfully obvious the TPTB will sacrifice all before conceding defeat. Hence, even though "utter damnation and chaos are not pre-ordained," that may very well be what it takes to reverse course and end deficit spending.

The social problems facing our nation can be addressed through tax reform, but not without a balanced budget amendment. One could even go so far as to suggest levying a one time wealth tax to pay off the national debt, given that those who have accrued the most, bear the larger responsibility for the burden, but again, not without a balanced budget amendment.

There are many problems facing our society, but the largest and most immediate threat is runaway federal deficit spending, hidden behind the guise of quantitative easing and stimulus pork spending. If Washington can't or won't do anything to end it, the people will, and with the same abandon by which this crisis was thrust upon us, whatever it takes.

Gates and Buffet have threatened to take their $B's and run if reform is enacted. Let them, but their tyranny will not stand.

WASHINGTON WILL DO NOTHING UNTIL CRISIS HITS « The Burning Platform