Defense Secretary Panetta is fearful of cuts. Whatever for? Could it be because defense contractors are the only companies making a profit? General Dynamics Corp and Grumman Corp even beat Wall Street’s expectations. Only bankers and Wall Street tycoons can compete with that.
Despite efforts by the government to keep finding and fighting wars it seems with Osama bin laden gone the Iraq and Afghanistan wars are finally winding down. Perhaps the time has come to finally examine the defense departments open checkbook. The proverbial $435 typical claw hammer is only the tip of the ole iceberg here. Defense contractors have been given free reign for far too long. This year’s freshmen class gave in to defense contracts in their prospective areas (new pork same as the old boss).
We can only hope Washington will actually make defense cuts despite Panetta’s ravings about terrorism to all concerned in the administration. The proposed plan for cuts over the next 10 years probably won’t affect these defense contractors bottom line because of all departments they’ve been given free-reign leading to subsequent fraud since the Civil War.
It’s also come out that President Obama’s approval rating is the lowest ever. What do you do when your approval rating is at an all-time low? Go out on a bus tour of course. Be prepared for a stormy ride.