Stars Aligning on Debate Over Debt Ceiling by Michael G. Franc
"...In the upcoming debate over the national-debt ceiling, the stakes couldn’t be higher. The economic recovery has stalled. The debt mounts by $4 billion each day..."
"...Liberal lawmakers such as Sen. Chuck Schumer (D., N.Y.) argued that the only thing we had to fear was, not fear itself, but these unhinged Republicans who would insist that any increase in the debt ceiling be accompanied by trillions in cuts to cherished social programs, thereby precipitating a game of chicken that would spook financial markets and torpedo our credit rating. Schumer has campaigned relentlessly for a “clean” debt-ceiling bill, bereft of any spending cuts, entitlement reforms, spending caps, or balanced-budget amendments whatsoever..."
"...According to budget experts, this translates into $381 billion in cuts next year alone..."
"...In just the last twelve months, they reported last Friday, Medicare’s fiscal hole worsened by an additional $2 trillion; Medicare’s projected date of insolvency is now 2024, five years earlier than projected last year. The news was similarly dour for Social Security, where expenditures exceeded payroll-tax receipts last year by $49 billion, and the date of insolvency edged another year closer, to 2036..."
$381 billion in cuts next year? Does anybody remember that the 'draconian' Republicans wanted to cut $100 billion, which became $60 billion, which became $30 billion - and mostly ended up being financial write-offs, and not CUTS in budgets?
Can you imagine, that your personal or family situation were so far into debt... You call a meeting, and sit around the table to discuss it.
Do you think that anybody would argue - "I spent $65 on clothes last month, and so I have to be able to spend that much every month, with a little increase." Of course not.
How about this - "Honey, we have to cut back on groceries." Ever had that conversation? If you had a Democrat at the table, you might have heard, "So, you want us to starve the children to death."
If you had any of our current elected officials at the table, you might have heard, "Can we just try to time our purchases so that we stock up on the 31st, then try to string it along for 30 days, then buy heavy again on the 1st of next month?" They just don't get it - and the sad part is that they know they are lying to the citizens, and they do it anyway.
They don't get it - in so many ways. The housing crisis? Caused partially by Congress forcing banks (who went willingly once their loans were guaranteed) to lend to people who couldn't afford it. After it was clear that we had a problem...Congress tried to fix it, by bailing out those same people, and those same banks...with our tax money. Then, Congress passed new "Financial Reform" laws to remove the risk, which removes reward.
What is the reoccurring problem here? Congress. When are they going to pay the price?
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