At the time Mr Obama cut short his holiday in Hawaii at Christmas, he returned to the deserted corridors of power in Washington, to recall all the personnel to sort out the Fiscal Cliff. At the time, the chief negotiator was House Speaker John Boehner.
Even now, the honour and the responsibility is his, to sit down with the President and sort out the impending matter of the Sequester, to see if a remedy could be arranged to circumvent the automatic cuts in so many public services, which will kick in if an agreement is not now put in place. It is an awesome responsibility, and it sits squarely on the shoulders of the most powerful men in Washington and indeed the Western world.
If the sequester kicks in, the scenario will be unpalatable. Muncipal and council services will be reduced, a lot of staff will be laid off, the poor will suffer, all due to lack of money. People in public positions (presumably all the public servants who may not imagine that it could affect them also) would stop receiving their pay checks. Suddenly, the U.S. will feel and become like austerity hit parts of Europe. The cold will feel colder as heaters are having to be turned down, etc. But enough of this negative stuff, it is best not to dwell on it. After reading it, pray, and throw the negative images out of your mind. God forbid that the sequester should kick in, in a nation that is blessed with able and agreeable leaders, who can sit at a table and fix the situation, together with the Federal Reserve Chief and the Comptroller. Just a few Ledger entries, and it will win the country another year or so in which to redouble efforts to create more and more jobs, which will in turn create wealth which in turn will return to the coffers and redress the deficit. That is in reality all that it is, and the prosaic reality is that this agreement betweeen the Chiefs is all that is necessary, and their burdens will have been lifted and the nation can breathe easy and continue living happily.
The U.S. is indeed blessed with a respected reserve currency, and a leadership that inspires confidence throughout the world.
By my calculations, I believe that anything between 400,000 and 500,000 jobs can be created at a cost of Sixty Two and a half Billion per month FOR a year so an ongoing stream of public sector jobs could be created for an ongoing twelve to fourteen months. That would restore the fortunes of the nation, turning human talent and energy into quantifiable wealth. All that will be needed in addition is that God helps replenish the lands and give favourable conditions for everything to grow, to give mankind sustainance for life. A Trillion Dollars thus created now and authorised under the Presidential Prerogative with complete bi-partisan co-operation and blessing will do the job. In my opinion this is both necessary and prudent, so as to avert dipping once again into recession. All the good work that has so far been achieved needs a little bit more time and input to allow it to flourish, to go beyond Recovery and into Prosperity. I pray the powers that be will pay heed to this.