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NUGENT: A titanic fiscal mistake

Staying the borrow-and-spend course will sink U.S. economy

- - Wednesday, August 3, 2011

When the captain of the Titanic was warned repeatedly of icebergs ahead, he nonetheless made the decision not to slow down or stop the ship for the night. He was, after all, the captain of a ship that "God himself could not sink."

With the passage of the debt-raising agreement, it makes a guy wonder if the Fedzillacrats in Washington believe they are in charge of a country and an economy that even their boneheaded economic policies cannot sink.

They are wrong.

The dollars allocated toward reducing the debt are "a drop in the bucket, or even a spit in the ocean," said Maya Mac-Guineas, president of the Committee for a Responsible Federal Budget, in an interview with Fox News.

The winner in this anti-common-sense "agreement" was President Obama. He got what he wanted and played House Speaker John A. Boehner and other Republicans like cheap fiddles. This wasn't an agreement as much as it was bait, leading the Boehner gang to a political slaughter.

It is a deceitful, ugly lie to call a $2.5 trillion reduction in spending a step in the right direction when we will be borrowing $10 trillion to $11 trillion over the same period. According to my math, that's putting us $8 trillion more in the hole. Only bureaucrats allergic to accountability could buy into such soulless, lying denial.

Once again, we have been ripped off, scammed and fleeced by those Bernie Madoff wannabes in Washington. You would have had to have been deaf, dumb and blind not to see this scam coming - heavy on the dumb.

But the real fleecing is yet to come.

There will be no spending reduction of $2.5 trillion, no real savings, no downsizing of government. If you believe there will be, I would like to sell you the Washington Monument or the U.S. Capitol. The Fedzillacrats will find a way to skirt around the spending reductions. They have learned to operate with impunity.

What will happen is that our debt will continue to skyrocket, putting our future as a nation on a titanic collision course with icebergs of financial insolvency.

Moody's and others are warning us of our impending doom by threatening to reduce the nation's credit rating even with the promise of $2.5 trillion in spending reductions. Much, much more needed to be done.

The producers and other Americans addicted to financial accountability realize it is kamikaze economics to continue to borrow and spend more than $100 billion each month more than you take in.

When the lookouts on the Titanic finally saw the massive, dark shape of the iceberg dead ahead in the ship's path, it was too late for the Titanic to maneuver around it.

The financial lookouts are warning us that we are headed for Greece-like doom with our berserk addiction to borrowing and spending. Higher interest rates and inflation are coming first.

It would have been impressive if our professional politicians had agreed to a plan that cut spending by $10 trillion and just borrowed $2.5 trillion over the next 10 years. But that would have taken political guts that they don't have.

I pray to God that voting Americans are taking notes and will make the guilty thieves walk the plank in 2012.

Ted Nugent is an American rock 'n' roll, sporting and political activist icon. He is the author of "Ted, White and Blue: The Nugent Manifesto" and "God, Guns & Rock 'N' Roll" (Regnery Publishing).