Skip to comments.Op-Ed: Capping the debt hyperbole -- Failure to raise the ceiling doesn’t mean default
Posted on 07/31/2011 4:24:30 AM PDT by GoodDay
The popular narrative about this summers struggle to raise the federal governments debt ceiling centers on the word default. If the debt ceiling isnt raised, we are told, the U.S. government will be forced to default on many of its financial obligations, reducing Uncle Sams creditworthiness and decreasing our governments ability to effectively carry out its duties. Sounds scary.
But a failure to raise the debt ceiling wouldnt necessarily cause a default or any reduction of creditworthiness. Indeed, keeping the debt ceiling fixed might actually increase investors willingness to buy U.S. bonds.
(Excerpt) Read more at thedaily.com ...
I’ve been saying it all along. Default would have to be intentional.
And now they suggest that uncontrolled spending of money we don't have can turn out well. I'd like to see each liberal journalist provide a list of people they know personally who act like the government does; max out the credit cards and then get more credit cards.
This is TARP all over again.
I’ve never taken a course in economics, but I think I’ve figured out this debt ceiling thingy pretty well.
Congress voted a debt ceiling in order to protect taxpayers from Congress overspending the taxpayers money.
Congress decided that Congress really doesnt want to stop overspending the taxpayers money, so Congress wants the debt ceiling raised.
Congress will now tax the taxpayers more tax money so that Congress can raise the debt ceiling, thereby protecting the taxpayer from the Congress that will continue to overspend even more of the taxpayers money.
Who said this was complicated?
I think of the spoiled rich kid with more money than brains who always wants more money when he already has too much.
Robbing Peter to pay Paul means you are already broke.