The Big Government Show Must Go On

This is the real State of the Union. This is the story that’s being entirely ignored by the President and Congress. This is the story of America’s decline.  This is a story that’s too grim to mention. And this obvious omission from Tuesday’s address is what makes the affair nothing more than a great big distraction.

So where do things stand?  Several of the ghastly numbers were presented above. The present progression is presented below…

To begin, the temporary suspension of the debt limit will be reinstated on March 2. At the moment, no one cares. Come March 2nd, almost no one will care – save Treasury Secretary Steven Mnuchin. That’s when he’ll have to execute “extraordinary measures” to keep the lights on in Washington.

Extraordinary measures, in Treasury Secretary parlance, involves suspending contributions to federal employee retirement and disability funds. From what we gather, these shenanigans will likely stretch out the Treasury’s remaining funds until mid-to-late summer.

After that, the federal government will no longer be able to pay its bills – including interest payments on Treasury notes. The full faith and credit of the U.S. government will fall into arrears. In other words, the U.S. government will start defaulting on its debt obligations.

Of course, this would never happen in the land of the free, right?

The Big Government Show Must Go On

Mnuchin, if you didn’t know, is a bigtime movie buff.  He’s financed and produced countless movies through his various entertainment ventures. American Sniper, Mad Max, Black Mass, and various superhero movies are just a few of the flicks he’s had a hand in.

Mnuchin, like the President, also knows a thing or two about bankruptcy. Several years ago he was co-chairman of the movie company Relativity Media.  He exited his position stage left seven months before the company’s July 30, 2015 bankruptcy filing.

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