America greeted 2013 numbed to the absurdity of 0% interest rates, endless Federal Reserve bond purchases and $1 trillion deficits. President Obama imposed a January fiscal deal that added $4 trillion to the projected national debt, on the surreal claim that the U.S. government doesn’t have a spending problem. His Cabinet and policy choices show satisfaction with the status quo and a state of denial over the dangers ahead. In December he made the claim of national well-being: “Our economy is really starting to recover, and we’re starting to see optimistic signs.”
However, per the U.S. census, inflation-adjusted median household income has fallen for more than a decade, a stunning national failure. The federal debt has topped $16 trillion, which is more than our entire GDP. Much of the increase is being funded by the Fed’s $1.6 trillion in dangerous overnight debt to the banking system.
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