Why We’re Headed For A Collapse
By Karl Denninger
Americans want Congress to bring down a federal budget deficit that many believe is dangerously out of control, only under two conditions: minimize the pain and make the rich pay.
The public wants Congress to keep its hands off entitlements such as Medicare, Medicaid and Social Security, a Bloomberg National Poll shows. They oppose cuts in most other major domestic programs and defense. They want to maintain subsidies for farmers and tax breaks like the mortgage-interest deduction. And they’re against an increase in the gasoline tax.
Meanwhile, over in Britain, an attempt to play a game called “reality” has led to violence:
Britain’s coalition government survived the most serious challenge yet to its austerity plans on Thursday when Parliament narrowly approved a sharp increase in college fees. But violent student protests in central London, including an attack on a car carrying Prince Charles and his wife, Camilla, to the theater, provided a stark measure of growing public resistance.
That the word “survived” had to be used in that paragraph is a stark reminder of just how close things are to not surviving “as currently constituted.”