The Fiscal Irresponsibility Act

Conned Again [The Daily Reckoning] June 01, 2023 [WEBSITE]( | [UNSUBSCRIBE]( The Fiscal Irresponsibility Act - House Republicans win an Emmy!… - Crumbs… - What bipartisanship really meanss… [Tiny AI Stock Targeted For Buyout Deal?]( A massive buyout alert has just been issued on a tiny AI company that could skyrocket in the coming months, weeks, even days. And according to James Altucher, a man who has made millions of dollars on these kinds of deals… This could be a once in a lifetime opportunity for you to make a fortune. He’s revealing all of the details in the video below (including a leaked memo from Google). [Click here for more...]( [Watch This Video Now]( Annapolis, Maryland [Brian Maher] BRIAN MAHER Dear Reader, Reports The Babylon Bee, in satire: House Republicans have been awarded their very first Emmy Award for outstanding performance in acting like runaway government spending makes them sad. "I'm so humbled to be receiving this prestigious award," said a giddy Kevin McCarthy, holding the golden statue aloft. "This award belongs to all of us – every Republican who has gone on Fox News to complain about the national debt or give impassioned C-SPAN speeches to an empty House floor to convince the American people they care about this stuff, your acting really paid off." "Lastly, I would like to thank God, who gave me such great acting ability." McCarthy then shed a single real tear without even faking. [image 1] The "Fiscal Responsibility Act" Under Speaker McCarthy’s generalship the United States House of Representatives has approved the “Fiscal Responsibility Act.” Fully 149 Republicans issued their consent; 71 did not. The thing will next proceed to the United States Senate — where it will receive the rubber stamp — then to the White House where the presidential signature will come applying. Thus the debt roof will rise. Need we mention that the United States House of Representatives that approved the “Fiscal Responsibility Act”… Is the same United States House of Representatives that last year approved the “Inflation Reduction Act”? It is true. It is the same legislative body — with a slightly different membership. The Next Act We next anticipate approval of the “Honest Politician Act.” That is, we expect another cruel jest upon the American people. That is because the title of the acts and the substance of the acts do not square. They generally war with one another — and savagely. The title camouflages the substance within. It is a lipsticking of a pig. Believe it: The Inflation Reduction Act no more reduced inflation than kerosene reduces flames. It represented — in actuality — inflationary kerosene itself. It spent and spent. Then it spent more. Does the sun rise above the eastern horizon each morning? Does it settle beneath the western horizon each evening? Well, then, you can just depend on it: The “Fiscal Responsibility Act” will prove no more fiscally responsible than a guttersniping wastrel is fiscally responsible. A Drop in the Bucket The Congressional Budget Office estimates the thing could knick projected deficits by some $1.5 trillion over the following decade. Did you see that? The act could knick projected deficits by some $1.5 trillion over the following decade. And by a mere $1.5 trillion — over the following decade? Fill an ice bucket to its brim with water. Now siphon up one solitary water drop. There you have the flavor of it. A $1.5 trillion siphoning over one decade represents — as the phrase runs — a drop in the bucket. And recall: This very slight siphoning could occur. In every likelihood it will not. [[CHART] Could Inflation Hit 20%+ In 2023?]( [Click here for more...]( Take a close look at this scary chart pictured here… What you see is the money supply in America… And as you can see, the number of dollars in circulation has exploded in the last few years. In fact, more than 80% of all dollars to ever exist have been printed since just 2020 alone! Which is why some say inflation could soon explode even higher than it is now, to 20% or more. And if you’re at or near retirement age you must take action now to protect yourself… otherwise you risk losing everything. [Click Here Now]( Was There Ever Any Doubt? Mr. Ryan McMaken, he of the Mises Institute: After countless predictions of economic armaggeddon and panicky entreaties to raise the debt ceiling with no strings attached, the Biden White House and congressional Republicans agreed on a new budget deal this week that does virtually nothing at all to change the status quo. The deal in no way returns federal spending to pre-COVID levels. At best, the deal does "limit" spending by placing tentative caps on spending which — assuming they are not abandoned in the face of some new economic or geopolitical "emergency" — allow for a 1% increase in spending each year over the next two years. More: What all this really means is that discretionary spending (which is generally around $2 trillion in miscellaneous and military spending) will continue upward without even a meaningful pause. Meanwhile, mandatory spending — such as Social Security, Medicare and Medicaid — is in no danger of actually going down. At a minimum we can expect annual increases of $60 billion or more each year in the near future. That's the most "thrifty" scenario. After all, it's only a matter of time until there's a recession and thus a need for "stimulus" and bailouts. Or Washington may decide the U.S. needs another full-blown war. At that point, all bets are off when it comes to spending. More yet: There was never any doubt that the debt ceiling would be raised yet again, and of course, there would be no real cuts to overall federal spending. This is what has happened. Moreover, total spending remains more than a trillion dollars above where it was in 2019, even after the Trump administration was racking up near-trillion-dollar deficits. Finally: Moreover, if we compare federal spending in the last year of each presidential term, compared with the outgoing budget of the preceding presidential term, we find that the biggest big spender was Donald Trump, followed by Carter, Reagan (first term) and Ford. Again, there's no reason here to place any hope in the GOP when it comes to fighting against growing spending. Rep. Scott Perry is one of the 71 dissenting Republicans. From whom: Trillions and trillions of dollars in debt for crumbs, for a pittance, every single thing. The speaker himself has said on numerous occasions the greatest threat to America is our debt and now is the time to act. We had the time to act and this deal fails, fails completely. The late Joe Sobran labeled Democrats “the evil party.” Republicans were “the stupid party.” Thus he concluded that “bipartisanship” yields outcomes both evil and stupid. [Man Who Predicted Bitcoin Warns: “Don’t Buy Bitcoin!”]( [Click here for more...]( James Altucher first predicted Bitcoin all the way back in 2013… And ever since, he’s been one of the biggest advocates for it. But now, he’s warning Americans that buying Bitcoin could be a big mistake… [Click Here To See Why]( Down the River of Debt We Go Perhaps Sobran hooked into something… Under the deal Republicans get their guns. Democrats get their butter. And the taxpayer gets the bill. He pays now through higher taxes — or later through higher interest payments on the debt. But pay he will. What is the sole surprise about this debt ceiling deal? That anyone could be surprised by this debt ceiling deal. As we have maintained before: Republicans and Democrats might stage a splendid combat for the crowd. They batten upon each other with savage and vicious blows. But watch closer. The combatants do not strike at the vitals. And the blood is fake. When it comes to borrowing and spending… Republicans and Democrats are as united as any lovers could hope to be. Threaten to cut them off. Then watch the warfare immediately halt… and the hands of peace come extending from both sides. This we have just witnessed. The debt ceiling is raised. And so today we drop a mournful tear on the ashes of fiscal responsibility. As we have noted before, Republicans once defended the approaches to the United States Treasury. But they have since sold the pass. And both parties have sold us all down a river… Regards, [Brian Maher] Brian Maher Managing Editor, The Daily Reckoning [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) Editor's note: [A massive buyout alert has just been issued on a tiny AI company that could skyrocket in the coming months, weeks, even days.]( And according to my friend and colleague… A man who has made millions of dollars on these kinds of deals… This could be a once-in-a-lifetime opportunity for you to make a fortune. He’s revealing all of the details in the video below (including a leaked memo from Google). You can watch it by [clicking here.]( --------------------------------------------------------------- Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) [Brian Maher] [Brian Maher]( is the Daily Reckoning's Managing Editor. Before signing on to Agora Financial, he was an independent researcher and writer who covered economics, politics and international affairs. His work has appeared in the Asia Times and other news outlets around the world. He holds a Master's degree in Defense & Strategic Studies. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your The Daily Reckoning e-mail subscription and associated external offers sent from The Daily Reckoning, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@dailyreckoning.com. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. 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