Posted on 05/10/2023 5:22:45 PM PDT by ChicagoConservative27
President Joe Biden on Wednesday struggled to explain why he delayed negotiating with House Republicans on raising the debt ceiling.
Speaking at SUNY Westchester Community College in New York with a backdrop that resembled former President Donald Trump’s stage setting, Biden spoke about “why Congress must avoid default immediately,” even though negotiations were delayed on the brink of default.
(Excerpt) Read more at breitbart.com ...
The US Appears to Be Over the Debt Limit Already. What’s Going On?
According to the Debt Clock, the US is already well over the debt limit and has been since January.
Mishtalk.com
FJB “struggles” to tell you what day it is.
“first of all, let me assert my firm belief that the only thing we have to fear is fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and of vigor has met with that understanding and support of the people themselves which is essential to victory.”
Democratic President Franklin Delano Roosevelt, 1933
Quotes from Wikipedia:
“The terms of the bond included: ‘The principal and interest hereof are payable in United States gold coin of the present standard of value.’ This type of “gold clause” was common in both public and private contracts of the time, and was intended to guarantee that bond-holders would not be harmed by a devaluation of the currency.”
“when the US Treasury called the fourth bond on April 15, 1934, it defaulted on this term by refusing to redeem the bond in gold, and neither did it account for the devaluation of the dollar from $20.67 per troy ounce of gold (the 1918 standard of value) to $35 per ounce. The 21 million bond holders therefore lost 139 million troy ounces of gold, or approximately 41% of the bond’s principal”
https://en.wikipedia.org/wiki/Liberty_bond
Debt negotiations. He couldn’t get off the stage by himself.
Limit, Save, Grow Act of 2023
requires major federal rules (e.g., rules likely to result in an annual economic effect of at least $100 million) to be approved by Congress before they take effect.
[All rules should have to be approved by Congress as per the Constitution, but it is a step in the right direction]
establishes new work requirements for Medicaid and expands the work requirements for SNAP and the Temporary Assistance for Needy Families (TANF) program; and
[Even Karl Marx would feel that is reasonable.]
repeals or modifies tax credits for renewable and clean energy, energy efficient property, alternative fuels, and electric vehicles;
[Except for “energy efficient property”, all is pointless while China & India burn coal like crazy.]
[Should the federal government pay to improve private property? No]
nullifies certain executive actions and regulations for cancelling federal student loan debt and implementing an income-driven repayment plan for student loans;
[Students had every day of the course(s) of months and years to determine if their education and hard work was worthwhile. One can generally assume they found it was worthwhile and it is perfectly reasonable to expect them to pay as they solemnly promised on each and every loan they got.]
[If the Democrats want a student loan bankruptcy bill they feel is reasonable to become law, they can place it in a Senate or House bill hopper for congressional consideration.]
rescinds certain unobligated funds that were provided to address COVID-19 and to the Internal Revenue Service;
[It is perfectly reasonable to put such money to new and better uses.]
establishes discretionary spending limits for FY2024-FY2033 that include decreases in discretionary spending;
[This is pretty much what most American families have had to do at least once.]
[If Joe & Democrats want to allocate the decreases differently, they had best present their suggestions ASAP.]
suspends the debt limit through March 31, 2024, or until the debt increases by $1.5 trillion, whichever occurs first;
[This is about $5,000 per American citizen. Joe & his Democrats can accept the deal as a whole or the House could adjourn and Joe & his Democrats can beg for it cent by cent.]
https://www.congress.gov/bill/118th-congress/house-bill/2811
This is May 2023.
The next mass congressional election is November 2024.
Does Joe think his voters can hold out for 16 months?
The Wizard of Oz always said, “pay no attention to that old man behind the curtain”. Debt Ceiling is a false windmill that keeps our focus on some magical beast that is politically determined. We are bankrupt already, whether we have reached some ‘magical’ ceiling, determined by Congress.
About half of Republican Social Security recipients could get by without SS. About 80% of the remainder could get by until February 2025. About 10% would not be able to hold out for six months without help from their children (~5%) or state government (~5%)
As for Medicare, hospitals and doctors have to give six months notice to opt out of the Medicare system. States could loan money to their hospitals secured by Medicare (and possibly Medicaid) receivables.
https://home.treasury.gov/system/files/136/Daily-Debt-Subject-Limit-Activity-2023_05_05.pdf
“The Exchange Stabilization Fund (ESF) is an emergency reserve fund of the United States Treasury Department, normally used for foreign exchange intervention”
https://en.wikipedia.org/wiki/Exchange_Stabilization_Fund
I believe the G-fund is a federal employee savings plan.
https://www.tsp.gov/funds-individual/g-fund/
In the worst case, Congress could simply lower the FDIC insurance limit until Treasury sales picked up.
President Joe Biden on Wednesday struggled to explain ____________.
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