It has only been one year since the big debate about raising the debt ceiling. At the time the debate was going on the debt ceiling was $14.3 trillion.
The debt ceiling ended up being raised by $900 billion, which brought the limit to $15.2 trillion. However, the debt ceiling could be raised an additional $1.5 trillion (for a total increase of $2.4 trillion).
Last January since the debt was already $15.2 trillion, Obama asked for another $1.2 trillion. Obama got the debt ceiling raised by $1.2 trillion to $16.4 trillion.
Today the debt is $16 trillion and we are only $400 billion from reaching the debt ceiling again. Based on monthly borrowing rates, we will breach the debt ceiling again by the end of the year (the Treasury has ways to conceal the breach of the debt ceiling for a few months).
Granted, the mainstream media and the public are not talking a lot about this right now, but wait a few more months and it will be all over the primetime news.
I think this is something voters need to think about right now before the election in November.
We cannot continue to borrow trillions of dollars every single year. If we don’t elect politicians who will address the debt issue, the U.S. government bond market, at some point, will collapse and it will be all over for America.
It’s time for Americans to wake up to the fact that Republicans and Democrats have dug us into a financial debt hole that’s impossible to get out of without large tax increases and enormous spending cuts.
And of course with tax increases and spending cuts will come a decline in GDP, and that will mean a decline in the standard of living for all Americans. But, we earned it, we borrowed way too much money and the time has come to pay the piper.
If you don’t think any of the politicians on the ballot will actually do anything about the debt problem, then maybe it’s better not to vote.
If enough people don’t vote, the mainstream media and politicians who are elected may finally see that many Americans have had enough of the useless politicking from both Democrats and Republicans.
If you do decide not to vote, be ready for many to say it’s unpatriotic not to vote. Blind faith and support of lousy leadership is not patriotism.