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Let the Federal Government Cuts Begin

By: Steve Johnson

8/10/2010 - 80 Comments

Yesterday the Pentagon announced that it was going to close a major military training facility in an effort to cut billions from its budget over the next few years.

As I have been saying for quite some time now, the Federal Government is eventually going to have to cut spending in a major way.  

Early next year, after the Nov. elections, I fully expect Obama to start cutting away at every department’s budget.

Not that he wants to, but that he has to.  And I’m sure he will try to continue funding his pet projects, like Obamacare, while forcing deeper cuts in everyone else’s pet projects just to keep his pet projects funded – all the while criticizing the Republicans for not cutting deep enough into their projects.

Many of these initial cuts will hit the job market just as the double-dip recession tightens it's grip.  By next summer the unemployment rate could be approaching 11-12%. 

But the public is not going to have much compassion for Federal employees, because according to another study by USA Today, Federal workers earn double their private workers for similar jobs.

“Federal workers have been awarded bigger average pay and benefit increases than private employees for nine years in a row.”

Fed to Buy More Treasury Bonds

At the same time, the Federal Reserve said today that it would again start purchasing U.S. Treasury Bonds in an attempt to revive the failed economic recovery

But it is likely too little and too late.  The Fed doesn’t have any money, other than the money they print and this action is likely to trigger foreign selling of U.S. Bonds which will offset the bonds that they buy.

The Fed is boxed in and no matter what they do the stock market and the economy are some likely going to sink. The Fed is the cause of the recession and they should be charged with fraud, money laundering, treason, etc. 

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