During the current debate on whether or not to raise the debt ceiling, much ‘balderdash’ has been put forth by Democrats in Congress, and by Barack Obama, concerning doomsday predictions, the worst being that the failure to raise the ceiling will automatically result in default on our debt.
A default, of course, would mean that other countries would get the signal that the U.S. is no longer good for repaying our debt. At that point borrowing any more money from those nations would be out of the question. They would not allow it.
But the doomsday predictions are wrong, and that is why it is necessary to cut through the fear-mongering balderdash of the Left in order to get to the real truth.
First, House Republicans have stated time and again that any refusal on their part to go along with raising the debt ceiling would come with legislation that would mandate the U.S. government continue to repay its debt and interest. Thus, the so-called doomsday scenario of a default is nothing more than a lie, pure fear-mongering by those who are totally invested in unbridled government spending of money it does not have.
Second, this brings us to the heart of the matter. The reason the debt ceiling is constantly being raised is that the U.S. continues to spend money it does not have. Every penny spent on government programs today is borrowed money–money loaned to us by other nations, such as Communist China. Since Barack Obama took office in January of 2009, the debt has skyrocketed to historic proportions with absolutely no attempt to address the root cause of the problem–undisciplined, irrational, and out-of-control federal spending. No attempt has been made by the Obama Administration or Democrats in Congress, who still control the Senate, to seriously roll back spending in order to address the nation’s shocking and dangerous debt level.
This year alone, the average monthly deficit spending by the government has far surpassed any other time in U.S. history. This money is borrowed. Thus, the debt only continues to skyrocket at a dangerous pace. Obama and the Democrats, after the President has spend only 3 years in office, have managed to run up nearly $5 trillion in debt-–the same amount that George W. Bush amassed after 8 years. Obama is running up the debt at twice the rate of Bush.
House Republicans and some conservative Republicans in the Senate have proposed solid legislation with teeth–real cutbacks on spending, real reductions in the deficit and debt. Representative Paul Ryan has proposed a budget for the 2012 fiscal year that would cut 6 trillion dollars in federal spending. As expected, the White House and Congressional Democrats have screamed to high heaven, making outrageous assertions that such cuts will throw grandpa out into the streets and force granny to eat cat food. Obama even told the bare-faced lie in a recent town hall meeting that the Minneapolis bridge collapse was caused by the failure of Republicans to spend an adequate amount of money on bridge maintenance, when in actuality the team of government investigators said that the collapse was a structural defect that had nothing to do with maintenance.
In addition, Ryan’s budget provides for increases in Medicare benefits for seniors, paid for by cuts in other areas.
And even with 6 trillion in cuts, the nation still will not adequately address 14.5 trillion in the national debt, or the 114 trillion in debt when unfunded liabilities such as Social Security and Medicare are added in.
6 trillion sounds like a lot of money. But not when you consider the level at which the government now spends. 6 trillion is but a drop in the bucket.. The Ryan budget is a good start, but much more will need to be done. One can expect Democrats and the White House to fight tooth and nail every step of the way, not only on the Ryan cutbacks but any further attempts to address a debt level that is a bigger threat to the U.S. going into default than a failure to raise the debt ceiling.
In fact, the U.S. stands in much greater danger of default by continuing this mind-boggling spending on borrowed money. And unless draconian measures are taken to severely limit federal spending in the future, then all of America’s future generations can kiss goodbye any hope of prosperity.
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