“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.
White House Warns Failure to Raise Debt Ceiling Would Mean Economic ‘Crisis’
- “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.
Tea Partiers,
The debate over raising the debt ceiling is a serious debate and one at the heart of the tea party’s spirit. This weekend our “great” leaders started this debate with the same old simple arguments.
If people agree, I would encourage the tea party members to email their White House, Congress and Senate representatives a memo that informs our representatives that we are listening and expect an intelligent debate. I sent the memo below to White House and copies my senators and congressman. If you wish to use my memo as a template, you are welcome to do so. One memo has no impact, many memos will get their attention.
Regards,
Alan Lanier
Dear President Obama,
I am very disappointed in your chairman of the White House Council of Economic Advisers, Austan Goolsbee, for his comments on congress failing to raise the debt limit ceiling as: “The impact on the economy would be catastrophic,” Goolsbee told “This Week” on ABC. “That would be a worse financial economic crisis than anything we saw in 2008.” Is Mr. Goolsbee using fear to fight for your interest?
Mr. Goolsbee needs to educate the public on the serious implications of our debt. For example, help the public understand the current interest payments and how much interest payments rise as USA interest rates rise. He should tell the public to listen to Ireland’s recent budget debate to understand why USA must address the government’s revenue-spending deficit gap. For example, Irish government is reducing public pension payments to current pensioners to satisfy their lenders’ demands.
Responsible citizens have few choices to control the entrenched government spending habits and the debt ceiling limit may be the best option to improve USA’s financial destiny. In my opinion, raising the current debt ceiling without an agreed spending cut plan is more catastrophic than failing to raise the debt ceiling. Both options take us to the same catastrophic outcome; the only question is how we get there. Thomas Jefferson poses the correct choice:
“I place economy among the first and most important virtues, and public debt as the greatest of dangers … We must make our choice between economy and liberty, or profusion and servitude.”
This is a serious debate. The public needs to be educated, because there are no “free lunches”. Mr. Goolsbee’s simple position does not help this serious debate or move this country forward! I would hope this country could have a more intelligent debate.
Regards,
Alan Lanier
Let the government shut down except defense and absolutely essential services like social security payments. ALL other agencies lock the doors and turn out the lights —cut off pay checks. Then let’s see who misses these bureaucrats. EPA? FCC? Dept of Education? Dept of Energy? On and on…… totally worthless and nonessential.