Geitner Does Not Understand the National Debt or His Own Taxes

by Chuck Donovan

Tim Geitner could not correctly compute his personal tax return using Turbo Tax.  The point here is not his level of intelligence nor a failure of Turbo Tax software.  Mr. Geitner has sufficient brain power and Turbo Tax is solid product that I have personally used since 1986.  The problem is the complexity of a tax code that even a Washington insider cannot penetrate.  The deeper problem is the unwillingness of the so-called leadership in Washington, including Mr. Geither, to face reality and bring the currently 72,000 pages of tax code down to something a human being could understand.

Now, Mr. Geitner is working on the soaring National Debt.  Here are his recent comments:

“Each side has said definitively that default is not an option…”

He went on to state:

“If the United States of America were to default it would be catastrophic for the American economy, for the American financial system, for the average American people,…  There’s no alternative for Congress raising the debt limit <emphasis added> and that’s why you’re seeing Republicans as well recognize that reality and take default off the table.”

I’m sorry, I just cannot accept that statement from Geitner or anyone else.  Congress does indeed have an alternative.  They could balance the budget today.  They just don’t want to.  A quick glance at the actual numbers published by Mr. Geitner’s Department of the Treasury shows that Congress hasn’t wanted to balance the budget since about 1958, and they have no intention of doing it any time soon.  Neither does Tim Geitner.

Would balancing the budget be difficult?  Of course it would be.  National financial collapse on the other hand would also be difficult.  Those are your two choices.  Just because the Democratic and Republican so-called leadership won’t speak the truth doesn’t make it any less true.  Democrats and Republicans, including Mr. Geitner, don’t want to have a grown up discussion about debt.  Why not?  I suppose it has to do with a combination of wishful thinking, willful ignorance.

Tim Geitner, Barak Obama, Boehner and the rest of the in D.C. have no intention of showing us any kind of fiscal logic.  Just how many times do they have to show you their true intentions before you will believe them?

I believe them.  That is why I am a Libertarian.  I know what that means politically.  I also know two other things.  One, you are wasting your time, your reputation, and your votes by supporting Democratic and Repubican politicians.  Secondly, unless you want the coming fiscal collapse to be even worse you are going to have to stop being afraid of letting freedom win.

 

 

AUDIO TO LISTEN TO

Spending Beyond Our Means“, Cato Institute Podcast, http://www.cato.org/multimedia/daily-podcast/spending-beyond-our-means

The White House has stopped reporting fiscal data.  Why?  What are Obama, Geitner, and Bernanke hiding?

 

Advertisements