With the swearing in of Scott Brown today, panic swept through America and people sold their stocks, fearing the worst. Democrats no longer have the super-majority needed to pass even the most trivial of legislation.
Our country is in serious trouble. Just to keep running, the government needs to borrow $14.3 trillion dollars. The federal debt is now at over $12 trillion, thanks to the irresponsible tax cuts in 2001 and 2003, the two wars, and high unemployment that has greatly reduced revenues, not to mention the over $400 billion dollars a year we pay to interest on the debt.
When Bush’s first fiscal year began on Oct. 1, 2001, the federal debt was $5.8 trillion. At the end of his final fiscal year on Sept. 30, 2009, the debt was $11.9 trillion. He increased the federal debt by some $6.1 trillion, more than doubling our debt.
Of course, the Republicans have a history of radical fiscal policies. Reagan more than tripled the debt. It went from a modest $900 billion to $2.8 trillion during his tenure.
So it’s understandable that people would be concerned about the economy with another Republican in Congress. This might be a good time to go short in the market.
Note: the European debt problems and worse than expected jobs report may also have contributed to the stock market drop today.
DRUDGE RETORT 