The Obama administration has unveiled a new round of fuel economy standards for cars and trucks, which are expected to require mileage gains of nearly double the current figure. The new CAFE (Corporate Average Fuel Economy) standards will last through the year 2025.
When public debt abounds, politicians look to slippery ways to keep buying votes with tax dollars while reassuring skittish markets that everything is okay. America, of course, faces a deficit showdown driven, largely, by the explosion in federal expenditures during the reign of Obama. The glut of mandated money (currency backed by the “full faith and credit of the United States” — and nothing else) has produced predictable economic behavior.
According to internationally acclaimed author and highly regarded expert Lester Brown (pictured), writing in the January 10 issue of Foreign Policy magazine:
Tonight there will be 219,000 additional mouths to feed at the dinner table, and many of them will be greeted with empty plates.
Another 219,000 will join us tomorrow night.
Seemingly unaware of the nation’s debt crisis, the federal government is attempting to revamp its foreclosure-prevention program to make it easier for out-of-work homeowners to keep their homes.