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Raising the Debt Ceiling — A Fool's Journey

Wehrwolfen

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By Peter Morici
08 Oct 2013


The federal government will default on its debt only if President Obama wills it. House Republicans, by refusing to raise the debt ceiling until they obtain budget reforms, may be the country's last hope to avoid financial ruin.

Each month, the government collects $250 billion in taxes and pays $23 billion in interest to public bondholders. If Washington can't borrow more money, it will not be able to spend all that it has planned. It comes down to who gets paid and what doesn't get bought.

Americans are not deadbeats. Families without enough money to do all they like pay their mortgages and credit cards, and cut back elsewhere.

So must Washington.

Treasury Secretary Jack Lew says he can't set those priorities. In an emergency, as the government's chief financial officer, that is exactly what he is paid to do.

However, cutting back entails postponing, for example, the expansion of Medicaid as required by the Affordable Care Act (ACA) and grants to universities for faculty summer money.

By not raising the debt ceiling, congress is not reneging on bills already racked up. The existing debt, which can be serviced by paying the interest due, covers those obligations.

Raising the debt ceiling simply permits Congress to run up new bills. And abandoning that debt ceiling discipline, as many in the financial community suggest letting Congress spend as it pleases, would be the peak of folly.

Studies by the Congressional Budget Office and Medicare and Medicaid actuaries plainly indicate if the government continues taxing, spending and borrowing, as current law requires, then all Americans, not just the wealthy, will be paying greater shares of their income on taxes and private health insurance. Federal spending on Social Security and healthcare will skyrocket and squeeze out spending on roads, education and other worthwhile activities.

Over the next several decades, budget deficits and the national debt will jump to unbearable levels.

The interest rates investors demand to purchase government bonds and resulting debt service will cripple Washington, much as those did Greece and Italy in the years before their crises.

Economic growth will slow to a snail's pace and working Americans will become much poorer. In the end, Uncle Sam will default on its bonds and pension obligations to the elderly, and many Americans will again be deprived of decent healthcare.

Read Latest Breaking News from Newsmax.com
Americans Would Be Nuts to Want Congress to Lift the Debt Ceiling


Wouldn't Americans be nuts to want Congress to lift the debt ceiling so that the Obama and the Democrats can continue extravagant spending policies that will eventually bankrupt the nation? Shouldn't we all be questioning the pain Obama is inflicting on Americans by his refusal to negotiate with Congress. You know the PEOPLE'S House.
 
Prof Morici is making predictions about the future when he has racked up a rather poor record in the past when calling for political actions. I guess when you 'know' you are right, the results don't actually matter.
 
But Obama said raising the debt limit does not increase the debt, it means time for someone else to pay the bills.
 
Wouldn't Americans be nuts to want Congress to lift the debt ceiling so that the Obama and the Democrats can continue extravagant spending policies that will eventually bankrupt the nation? Shouldn't we all be questioning the pain Obama is inflicting on Americans by his refusal to negotiate with Congress. You know the PEOPLE'S House.

Can you personally name 5 extravagent policies that is exclusive to Obama?

And for fun, name 5 extravagent policies of the last 5 presidents and we can see which policy is the most expensive and least needed. GO!
 
By Peter Morici
08 Oct 2013


The federal government will default on its debt only if President Obama wills it. House Republicans, by refusing to raise the debt ceiling until they obtain budget reforms, may be the country's last hope to avoid financial ruin.

This sentence contradicts itself, House Republicans will refuse to raise the debt ceiling unless they obtain debt reform but Obama is the only one with the will to to raise it? If the debt ceiling only needs Obama's will to be raised, how can House Republicans refuse to raise it since Obama obviously has the will to do so.

This sentence makes no sense, so I stopped reading there.
 
Isn't Morici the lead singer of the Smiths?

Also, I'm willing to be when he orders a meal at a restaurant and the owners gives him the bill, he says he won't pay it because to do so would put him into debt. That's how backward tea partiers think.
 
Can you personally name 5 extravagent policies that is exclusive to Obama?

And for fun, name 5 extravagent policies of the last 5 presidents and we can see which policy is the most expensive and least needed. GO!

We can start with GM, Stimulus I, Stimulus II, Cash for Clunkers, QE I, II, III, and ObamaCare. I'd say they have all been extravagant Democratic Party practice and policies. Why do we have to go further? Deflecting the issue to past presidents is not the issue here. Seems to be a habit of the Left lately. This is here and now. What Reagan Bush Se., Clinton and Bush Jr. did have nothing to do with the refusal and intransigence of Obama's rejection to negotiate with Congress.
 
Once again wehr shows us how completely out of touch he and his lying editorials are. Lets examine his latest ignorant and lying editorial

By Peter Morici
08 Oct 2013

The federal government will default on its debt only if President Obama wills it. House Republicans, by refusing to raise the debt ceiling until they obtain budget reforms, may be the country's last hope to avoid financial ruin.


1 Only a complete imbecile thinks we need to destroy our economy to avoid “financial ruin”. sadly, they make up a large percentage of the republican base.

2 the lying editorial requires the reader not to know that President Obama has reduced the deficit every year while maintaining positive GDP. remember, cons are not complaining he’s not reducing it fast enough. they are pretending he’s not reducing it.

3 and most important, pubs are not threatening to destroy the economy to get more budget cuts from President Obama. they are threatening to destroy the economy to stop Obamacare. Budget cuts were the excuse last time they threatened to destroy the economy. the editorial truly depends on an ignorant and uninformed base.

so wehr’s streak of posting lying editorials that rely on the ignorance of the reader continues unabated.
 
We can start with GM, Stimulus I, Stimulus II, Cash for Clunkers, QE I, II, III, and ObamaCare. I'd say they have all been extravagant Democratic Party practice and policies. Why do we have to go further? Deflecting the issue to past presidents is not the issue here. Seems to be a habit of the Left lately. This is here and now. What Reagan Bush Se., Clinton and Bush Jr. did have nothing to do with the refusal and intransigence of Obama's rejection to negotiate with Congress.

Not trying to deflect the issue but you can't deny extravagent no good policies are not exclusive to the Obama administration.

Your premise is that we are nuts to raise the debt ceiling so all this spending by Obama and the democrats can continue but it's not just them throwing away money like drunk sailors at a whorehouse - it's all of them.
 
Not trying to deflect the issue but you can't deny extravagent no good policies are not exclusive to the Obama administration.

Your premise is that we are nuts to raise the debt ceiling so all this spending by Obama and the democrats can continue but it's not just them throwing away money like drunk sailors at a whorehouse - it's all of them.

I can't find fault with that. However, it's got to stop somewhere. Are you suggesting we kick that can down the road again, or should we finally put a stop to it on all fronts?
 
I can't find fault with that. However, it's got to stop somewhere. Are you suggesting we kick that can down the road again, or should we finally put a stop to it on all fronts?

Now is as good as time as any. However, we need to all come together first and work on it together because the way it is right now, if one side proposes an amazing solution the other side will just fight it tooth and nail because they didn't think of it first.
 
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