Submitted by QTR’s Fringe Finance
Chances are high, if you happen to’re studying this blog, you could have utterly given up on any semblance of fiscal duty from the present administration, and maybe perhaps from the nation as an entire, already. However if you happen to’re one of many few nonetheless holding on to a shred of hope for fiscal duty…effectively…cease.
As greatest as I can inform, the Biden administration’s present coverage stance in the direction of spending is mainly “f*ck it, we’ve virtually run up the bank card to its restrict, so we would as effectively simply blow the remainder on a large bender.”
Biden jogs my memory of Michael Jackson within the Residing With Michael Jackson documentary with Martin Bashir, strolling right into a (very doubtless insanely overpriced) Las Vegas vintage retailer, stuffed with lavish trying rubbish that nobody ever must personal, for any cause, and pointing at and shopping for actually each single merchandise he doesn’t personal but.
The trillions of {dollars} in tax income that the nation is bringing in pales compared to the pace with which the Biden administration has found out methods to spend. Our nation’s cumulative debt to GDP is at file ranges and has surpassed ranges which have damaged many countries up to now.
The nation’s spending behavior has gotten so uncontrolled that the Biden administration is definitely desirous about implementing a tax on unrealized beneficial properties, one of many worst concepts I’ve heard during the last decade, even giving the “trillion greenback coin” concept a run for its cash. I wrote about why this would be such a horrific idea simply weeks in the past, declaring that it might obliterate what’s left of the financial system.
The above Michael Jackson analogy is apt as a result of the spending he was doing in that retailer was unnecessary. Does anybody want one other bronze gargoyle or $89,000 emerald chess set? After all not! However, fuck it, we’re right here to spend, and spend is what we’ll do!
To cite Oscar Martinez from The Workplace:
“This scary black bar is what you spend on issues that nobody ever, ever wants, like a number of magic units, skilled bass fishing tools.”
These examples do effectively to clarify the Biden administration’s reckless spending on issues like a whole bunch of billions of {dollars} to international international locations, unaudited, to assist them struggle wars, $7.5 billion greenback subsidies that over 2 years produce simply 7 EV charging stations and bailing out college college students from the debt they accrued whereas pursuing their diploma in 18th-century intersexual French philosophies of utilized communism and their respective results on non-binary seagulls.
And whereas it’s not skilled bass fishing tools, there is perhaps no higher instance of how careless we’ve turn out to be with our spending than the $320 million pier that the Biden administration simply constructed in Gaza, supposedly to assist ship help to Palestinians.
Placing apart the inconvenient undeniable fact that the administration can’t appear to make up its thoughts which facet of the Israeli-Palestinian battle it’s on, this $320 million monstrosity was so splendidly constructed and such an efficient bastion of presidency effectivity, it didn’t even final two weeks earlier than being washed out to shore.
Incinerating $320 million over the course of simply 12 days needs to be some kind of file.
The US halted help supply from the $320 million “floating pier” off Gaza’s coast resulting from structural injury from extreme climate, barely every week after its debut, Fox News reported this week. Though 569 metric tons of help had been transferred to the dock, none had reached Palestinians by final week, per the Pentagon.
And what a shock: the National Review noted that the pier wasn’t meant for use in waters with over three-foot waves, which “happen in that a part of the Mediterranean Sea regularly”:
It seems that the pier system was not meant for use in waters with waves larger than three ft, and three-foot waves happen in that a part of the Mediterranean Sea regularly. We all know that Pentagon officers can learn a climate and surf report. Now the query is, did somebody within the administration inform them to go forward with the operation, understanding the dangers?
A whole lot of us figured that Hamas or the Palestinian Islamic Jihad would have focused the U.S.-built Gaza pier by now. However the wind and the ocean bought there first; what few of us realized was that the Pentagon constructed the pier in a location the place it might repeatedly function on the most safe-wave top and wind, and any bout of dangerous climate may break the construction aside.
Unbelievable work throughout, all people.
And to be frank, I wasn’t even planning on writing an article about this, however this morning, as I watched one headline after the following proceed to go throughout my social media feed—every one sporting an image of the pier drifting additional and additional out to sea—I couldn’t assist however be struck by what an astute microcosm of our nation’s failed financial insurance policies it was.
It’s baffling to me to consider the juxtaposition between then excruciating planning that goes into accumulating tax income versus the near-zero planning that clearly goes into how and why our nation spends. Anti-money laundering and Know Your Buyer legal guidelines in the US gained’t allow you to transfer greater than a pair thousand {dollars} with out setting off alarm bells at banks. Venmo transactions over $600 are monitored by the federal government. They’re actually desirous about taxes that take beneficial properties you haven’t even realized but.
But when completely gargantuan sums of money turn up missing, or boondoggle tasks fail miserably, it’s no large deal.
Trillions of {dollars} go unaccounted for on the Pentagon, a whole bunch of billions go unmonitored within the type of international help, billions get handed out to hostile nation-states like Iran — and now, because the icing on the cake, there’s $320 million price of shit floating within the Mediterranean Sea someplace.
And within the grand previous custom of our nation’s fiscal coverage on each side of the aisle, no one can be held accountable or have discovered something from the expertise, besides the contractors who doubtless overcharged the federal government to get the venture executed and are doubtless now touring the attractive seashores of Tel Aviv in unique vehicles.
I do know. Every single day we bear witness to dozens of examples of inefficiency in authorities spending. However for some cause, perhaps it’s the timing, this one simply stood out to me.
I’m not attempting to be a doomsday sayer, however with the Fed caught between the rock of inflation and the exhausting place of a coming financial melancholy as the results of 5.5% rates of interest — and half of the fashionable world within the BRICS nations overtly difficult the greenback’s reserve forex standing, the carelessness with which we spend sadly actually does seem to be it has reached “finish of Empire” ranges.
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