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Our Government Remains a Joke!!

Posted by Larry Doyle on October 15, 2013 8:49 AM |

If our supposed leaders holding public office in Washington were not so pathetic, they may actually be comical.

But there is little to laugh about when we learn just how much the dysfunction in Washington costs our economy. The Financial Times highlights this morning:

Economists are scrambling to assess the damage inflicted on the US recovery by the government shutdown and its second close brush with default in as many years.

But the bigger picture is that the political paralysis surrounding US fiscal policy, with recurring feuds and brinkmanship on Capitol Hill, has already taken a massive toll on the country in the past three years.

In a report released on Monday, Macroeconomic Advisers, the research group, found that America’s budget fights have cost more than 2m jobs and slowed annualised economic growth by 1 percentage point of gross domestic product since 2010.

It was less than a year ago when the jokers in Washington played pure politics just as they are doing right now with managing our nation’s fiscal affairs. Let’s revisit a commentary I wrote just last December so we can be reminded that kicking the can from one crisis to the next is no way to run a country nor is it a reflection of anything close to being defined as leadership.

Yes, our government remains a joke.

America awakes this morning to the realization that our federal government is collectively unwilling and/or unable to tend to the people’s business.

Many in America might like to point fingers at one side of the aisle or the other. Many others would bemoan the general lack of real leadership in the most senior positions within the federal government. Folks, we can point fingers all we want and apportion blame however we might like . . . but pointing fingers gets us absolutely nowhere.

A full 16 months from the downgrade of our nation’s credit rating and a full 6 plus weeks from the Presidential election and there has been virtually zero progress in terms of addressing the impending fiscal cliff. Businesses in America have no ability to proactively plan for 2013 and beyond without knowing what our tax code may look like. Families have no ability to proactively plan their own personal budgets faced with the tremendous uncertainty of their own tax bills. Is there any wonder why nobody is willing to deploy risk capital to grow an enterprise?

You would not run your own families and businesses this way. Yet, our federal government is running in exactly this fashion. It is an absolute joke. Unfortunately, the joke is a bad one and it is being played out on every man, woman, and child in America right now.

With so much focus on the immediate fiscal cliff, let’s be real, our nation’s real issue is our ENORMOUS fiscal crisis. If our government cannot even address the fiscal cliff, how will they ever address the fiscal crisis?

Regrettably, though, folks, we have the government that we deserve. While the jokers in Washington head home to be with their own families, I would only hope that they might view a sobering video that looks not at the fiscal cliff but at the fiscal crisis and what it means for our children. This video, Overdraft produced by Travelers Insurance, runs for about 55-minutes. It takes a wide angled view of many issues that embody our fiscal crisis.

If we care to believe that we may have a brighter future, then the issues highlighted in this clip had better start being addressed.

Can we literally embarrass our government into action? I do not know but given the fact that little else is working right now, I think it is high time we try. On that note, President Obama, Speaker Boehner, Senator Reid, and every member of Congress . . . you are collectively a JOKE!! Show us otherwise or prove me wrong.

To those who might view this, I welcome you to spike the eggnog and embrace the truth . . .

Navigate accordingly.

Larry Doyle

Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.

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I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

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