Bernanke Warns of ‘Unsustainable’ Deficit – NYTimes.com

This article captures in a nutshell the incompetence of the Federal Reserve and the current administration.

1) The Fed admits that damage has been done by the overspending of the BHO administration.

2) But, the spending was necessary to slow down the recession (recessions usually occur when there is an imbalance in revenue versus spending that leads to lower GDP, job losses, and retrenchment by businesses… Bernanke’s comment is counterintuitive).

3) The Democratic-controlled Congress has yet to come up with a budget for 2011.

4) Nothing substantive will happen until the President’s “bipartisan fiscal commission” is completed with its work.

The upshot… the economy will continue to flounder until the administration comes up with its solution to the problem, which will be to carry on business as usual. In the meantime, the federal deficit surges past $13 trillion, the POTUS continues to work on his golf handicap, 20% of the population of the country remains unemployed, and they all lived happily ever after.

All except the living happily ever after stuff.

Bernanke Warns of ‘Unsustainable’ Deficit – NYTimes.com.

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