“We have to do it” came the cry. “It’s the end of the world.”
Guess what? We let them get away with it, and now they’re doing it again. It’s the ultimate trump card, trumping reason, trumping fact, and trumping consensus. They’re going to play this trump card until we make them stop. This trump card puts us deeper and deeper and deeper in debt, against our will. Did you think you were going to get out of debt by paying off your mortgage, your credit cards, your student loans? HA. The banks have a solution: the private bank known as the Federal Reserve creates “money” out of nothing and lends it to your government, and you get to pay it back plus interest by working and paying taxes.
- “If we hit the debt ceiling, that’s essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008,” Goolsbee said. “I don’t see why anybody’s talking about playing chicken with the debt ceiling.”
- Sen. Lindsey Graham, R-S.C., said on “Meet the Press” that he would not vote for the increase until he sees a plan to deal with long-term debt reduction — including a plan that addresses Social Security and a commitment to return to 2008 spending levels.
Return to 2008 spending levels? Notice he didn’t say “2008 deficit levels.” He said “2008 spending levels.” Fed dot gov spent $2,978 Billion in 2008. Projected revenues (happy scenario) for 2011 are $2,425 Billion. How does that reduce the debt?
After cutting a few billion from the budget, the republicans will declare victory and raise the debt ceiling. Wait and see. We must have more bank debt!
“Tomorrow, tomorrow, I love ya, tomorrow, you’re always a day away.” And that is when we’ll cut the balance the budget.