Are you all hearing this lunacy?
“The Obama administration has said it will not negotiate over the debt ceiling, arguing Congress needs to act because the issue isn’t whether to approve new spending but whether the government should pay the bills it has already racked up.”
Treasury Secretary Jack Lew told congressional leaders Tuesday night…
“If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,”
What a crock!
They want me to believe that the US has always paid it’s bills but somehow, despite our flawless record, we’re over 16 Trillion in debt. Hmm? Call me crazy but the last time I checked paying the bills means you owe less than you did before.
The truth is we have to borrow money to give to the people we’ve borrowed from in the past. This is not “paying” in a strict sense. Payment is the cancellation of debt. We are not paying our bills. We haven’t paid a bill in years because we haven’t cancelled a debt. We’ve only shifted our ever increasing debt around.
The debt ceiling is the amount of money the US government is legally allowed to owe. At some point we will not be able to borrow any more because no one will loan us the money needed to keep those we’ve already borrowed from off our backs. Then the taxes will have to be raised or the printing presses will have to be fired up to cover maintain the charade of prosperity.