Now Comes Boondoggle Don — Why Infrastructure Won’t MAGA

by | Jan 30, 2018

Now Comes Boondoggle Don — Why Infrastructure Won’t MAGA

by | Jan 30, 2018

America’s economy is faltering not from too little infrastructure spending, but from too much debt—-$67 trillion of total public and private debt, to be exact. So it appears that the bond vigilantes are returning from 24 years of hibernation just in the nick of time to put the kibosh on the Trumpite/GOP’s latest hare-brained scheme to balloon the public debt.

As if the impending FY 2019 collision between $1.2 trillion of new Treasury borrowing and the Fed’s $600 billion bond-dumping campaign (QT) incepting this coming October were not enough, word now comes that Tuesday’s night’s State of the Union (SOTU) adress will feature a $1.7 trillion infrastructure plan.

We’d say rechristen the Donald as “Boondoggle Don” and be done with it. On top of the $1 trillion + deficits already rumbling down the pike, the very idea of a massive debt-financed, pork-barrel driven borrow and spend spree 104 months into a business cycle expansion is sheer lunacy.

And don’t take our word for it—even if we have been smoked by the bond vigilantes up close and personal, and more than once. With this morning’s breakout to a 2.72% yield on the 10-year treasury note, it is more likely than not that the bond-selling stampede has commenced.

Read the rest at David Stockman’s ContraCorner.

About David Stockman

David Stockman was a two-term Congressman from Michigan. He was also the Director of the Office of Management and Budget under President Ronald Reagan. After leaving the White House, Stockman had a 20-year career on Wall Street. He’s the author of three books, The Triumph of Politics: Why the Reagan Revolution Failed, The Great Deformation: The Corruption of Capitalism in America and TRUMPED! A Nation on the Brink of Ruin… And How to Bring It Back. He also is founder of David Stockman’s Contra Corner and David Stockman’s Bubble Finance Trader.

Our Books

latest book lineup.

Related Articles

Related

TGIF: Why Isn’t Antifa Marching for Apple?

TGIF: Why Isn’t Antifa Marching for Apple?

I was all ready to don a black mask for the Antifa demonstration when I realized that the self-styled antifascists hadn't planned a demonstration. What are they waiting for? After all, the national government has just started a new fascistic crusade. You'd expect the...

read more
Israel Lets AI Decide Who Dies in Gaza

Israel Lets AI Decide Who Dies in Gaza

The Israeli military has employed yet another AI-based system to select bombing targets in the Gaza Strip, an investigation by +972 Magazine has revealed. The new system has generated sweeping kill lists condemning tens of thousands of Palestinians, part of the IDF’s...

read more
How Big a Factor is Iran in the War on Gaza?

How Big a Factor is Iran in the War on Gaza?

In both Ukraine and Gaza, the Joe Biden administration has adopted the dangerous doctrine of war management in which, while not stopping a war diplomatically, it attempts to contain it and prevent it from becoming a wider war into which the United States might get...

read more
Triple Tap Murders…Oh Look, a Cat Video

Triple Tap Murders…Oh Look, a Cat Video

Recently the Israeli Defense Force murdered an aid convoy. A group of international aid workers who had coordinated with the IDF and who were travelling on an IDF approved route. When the aid workers came under attack, they contacted the IDF. Three assaults were...

read more
Diagnosing Israel’s Imperial Narcissism

Diagnosing Israel’s Imperial Narcissism

As it continues to engage in a “plausibly genocidal” mass murder spree in Gaza, the state of Israel has embraced the most psychotic and psychopathic interpretation of one of the most violent narratives from the Hebrew Bible. This is fueling a narcissism that puts the...

read more