After a debt-ceiling debate that was nothing short of embarrassing to the US globally, it is sad to see that after a five-week undeserved vacation that both sides are right back to blaming each other.
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President Obama just made Speaker Boehner the new “President Bush,” meaning everything from the Biblical flood to Snooki is now going to be blamed on Boehner.
Much like Ricky Bobby in Talladega Nights, you can say anything you want if you end it with “with all due respect.” The President and the Speaker love to talk about how they reach across the aisle -- and then they call the person on the other side of the aisle everything in the book.
I was holding out hope, until today. It's amazing how politicians create problems that they in turn run against. Now, the spit-bucket carriers -- the political “strategists” -- will go on TV and spew whatever their party tells them to, because none of them are allowed to think, thus deepening the divide.
The numbers don’t add up, but does it matter? President Obama said last week that the new taxes on the rich would pay for the jobs bills. Meaning the temporary one year fix, the $450 billion-plus jobs bill, would be paid for over the next decade by taxing the rich more. However, today President Obama said the same tax used for the jobs bill would also be used to reduce the debt.
How does this work, that we get to count this money twice?
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Without a debt package we face around $20 trillion in debt by 2020, with the $3 trillion from President Obama we still face close to $20 trillion by 2020. And, if GDP growth is not as rosy as forecast -- and I don’t believe it will be -- this could be much worse. This means we could face having half of our tax revenue going to pay interest alone in 10 years, and that is with the President and/or the GOP package.
What part of this works?
We need a complete reform of the tax code, we need an energy policy, and we need a real budget plan. We are the only developed country in the world without any of these long-term plans. The name calling is bad; the lack of planning is embarrassing.
A new poll showed that the majority of Americans don’t want to re-elect the President; the same poll showed that the majority of Americans don’t want to elect any of the GOP candidates.
Shouldn’t this be a message to someone?
What to do? These days will be like other times of trouble; they will destroy a lot of wealth but also create a lot of opportunities. There are going to be great bargains coming our way because of the headwinds we have both politically, and with the same problems in Europe.
Cash is king -- be ready to make money, and then you can worry about being one of the evil rich folks.
John Layfield, formerly known as JBL, was the longest reigning WWE Champion in Smackdown television history, retiring after 17 years of pro wrestling. John, a former collegiate All-American and pro football player, is a lifelong entrepreneur who has worked as an investment banker, is series 7 and 24 qualified, and is currently an active private investor. His Internet radio show can be heard at www.JohnLayfieldShow.com.