Brainless Box Jellyfish Know Which Way Is Up. Thus reads a headline in the wonderful journal New Scientist.
Box jellyfish may lack a brain, but they still make use of two dozen eyes. Now it seems that some of these eyes serve a surprising purpose: helping the jellyfish to navigate using landmarks above the water.
Who says that science can't solve political problems? President Obama should replace his entire economic team with box jellyfish. They can't possibly be any squishier than he is and looking up to see where the Hell they are going, let alone knowing which way is up, are powers that the Administration is sorely lacking.
We have for more than two years been pursuing a simple policy: revive economic growth that we don't have by spending tens of trillions of dollars that we don't have. The result has been a mass of debt that requires scientific notation to describe but not so much economic growth. From CNN:
Economic growth slowed to a crawl in the first three months of the year as a spike in gasoline, higher overall inflation and continued weakness in the housing market all took a toll on the recovery.
Gross domestic product, the broadest measure of the nation's economic health, rose at an annual rate of 1.8%, the Commerce Department reported Thursday. That's a significant slowdown from the 3.1% growth rate in the final quarter of 2010.
For the most part, every Democrat has all twelve of his or her eyes focused on current spending and his or her brain (they do have them) is altogether fixed on making sure that the spending doesn't stop growing. The argument de jour is that you can't reduce spending during a down turn, as that would further depress economic growth.
The only problem with that argument is that we have been spending at unprecedented levels (excepting WWII as a precedent). If stimulus spending was going to work to revive the economy, wouldn't it be working by now? It isn't.
Maybe the problem is that, for the first time in history, confidence in the full faith and credit of these United States is failing. The U.S. budget is on a trajectory toward oblivion and the President has offered nothing whatsoever to fix it. Rep. Paul Ryan has offered a plan to restore solvency. The President seems to be bending all his power to demonize the Ryan plan.
Meanwhile China, the major holder of U.S. debt, is finally deciding that it might have to cut its losses. From CNS:
Mainland China has decreased its holdings of U.S. Treasury securities since last October, according to a report updated today by the U.S. Treasury Department.
This is big news, as evident from the fact that it has been scarcely reported by the MSM. It means that the U.S. Treasury will have a much less favorable market for future debt, which means that our debt will grow more precipitously than in previous scary projections.
We're in trouble. We desperately need to put our fiscal house in order. Our President doesn't know which way is up nor does he seem to have a clue how to navigate. Even a box jellyfish would be preferable.