The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) - Government shutdown. Those two words, when put together, actually give me a moment of peace. If the government shuts down, can I deduct those days from my federal taxes? The only ones freaking out about a government shutdown? The government. Why? Each side is trying to figure out who will be left holding the grenade when it goes off, not realizing that they'll both get fragged. The public just doesn't care. They've had it. And they've had it even more when the president, Johnny on the spot with his aloofness, rolls in on Tuesday and tells everyone that he's the grown up and that they all need to "start acting like adults." Ummm...Mr. President, adults know that it's physically impossible to run their households or small businesses by spending eight times more than they make. They know that they have to cut their personal spending to balance their books. They know they need to get rid of "discretionary items" to make ends meet, something that the administration refuses to accept. They've ignored the recommendations of the bi-partisan (you read that right) Deficit Commission, and blasted Representative Ryan's nameless and rankless proposal. Cue Nancy Pelosi and her air raid siren, "Old people will starve!" We've had it. A government shutdown is exactly what we need. And unless you're my daughter who makes up words to songs and runs around the house screaming said lyrics, you know the government doesn't shut down. F/A-18 jets don't fall out of the sky, and the FBI doesn't sit at home. But a great thing does happen. Congressman and Senators take a break from writing new laws and inventing creative ways to enter more of our lives. And anyone who thinks a shutdown would last more than a couple days and would result in anarchy should replace Eric Holder. So here's the thing: The U.S. Treasury reported that in March, the government spent 8.2 times the amount of net federal tax revenue. That's physically impossible to do...unless you have a printing press in your basement. Uncle Sam does. And the one's paying for the paper and the ink? Our children who are singing songs and have no clue what's going on.
I explained (or tried to) all of this to my soon-to-be 11 year old son who simply didn't get it. Using his allowance, saving, and spending habits as a model, he didn't think he could do what the government does. He can't. And neither can the government. Representative Ryan shot a missile downrange with his proposal -- slash $6.2 trillion over 10 years. Obama's response? A can of silly string. I know that we cannot solve this problem by spending cuts alone. It's too late for that and we ignored the sane politician's years ago that warned this day was coming. Some tax increases are in order. Hey, I know a great place to start. How about General Electric ( GE), which made $5 billion in the United States and didn't pay a penny in taxes. Sign me up for that plan. And we all know that "entitlements" are done. Social Security, Medicare/Medicaid, and other third rails must be ripped apart. They're insolvent and everyone seems to know it -- except the president. Firing Line: While a government shutdown will rivet the mainstream media as they froth about who wins and who loses when/if the government shuts down, we on Main Street know the answer. We all lose. And we will, of course, all be at work while the government shuts down.
Readers Also Like: