Raising the debt ceiling
Published on -10/18/2013, 8:37 AM
Raising the debt ceiling
The other day, I had the unfortunate experience of listening to the president of the United States of America. You can't miss him. He's on the radio and TV. He's always making a speech somewhere. When he does, he usually exposes his ignorance. Case in point, he said, "Raising the debt ceiling limit will not add one dime to the national debt."
Just how dumb does he think we are? I'm pretty sure he went to college.
Obviously he had no math or economics classes. He's a poster child for our failed educational system. One class he didn't miss was public speaking. He should have aced that class.
Let me explain the national debt to you, Obama students. Our government spends approximately $1 trillion per year more then we bring in to the government in taxes.
Thus, we need to borrow this money each year just to operate. We pay the interest on the $17 trillion we presently owe, but to operate, we need to borrow this $1 trillion each and every year.
The balance on the national debt goes up each day. This is why we have to increase the debt limit. So when he says that the debt limit will not cost us one dime, that is an out and out lie, unless he is that dumb.
Let me put this in simple terms. When you pay the minimum on your credit card and you go out and spend an additional $1,000 on it per month, your balance will increase until you are finally in bankruptcy.
Now, for you people who actually believe what he says, there is one difference between you and I, and the federal government. They can print money. We, as a country, are basically broke.
We'll never pay off the trillions that we owe. To pay off the national debt you'd have to balance the budget first, and cut from there to pay down the balance on the national debt.
Anyone who believes this will happen is living in a fantasy world. The Founders of this country could see this coming. The original purpose of government was not to take care of everyone.
That's why, for the first 150 years, we were not in debt.
If you think our national debt is bad now, wait until we have a few years of Obamacare.
This is such a mess, not even the best economist can estimate what this will cost.
The Federal Reserve has started printing money to cover our debt. They really have no other choice. Luckily, they have done this fairly slowly. However, one of these days this will get out of control. When this happens, the dollar in your pocket won't be worth the paper it is printed on.
Terry W. Piesker