Raising debt ceiling is not progress

Advertisement

America accomplished nothing with regard to the debt ceiling. America simply raised the debt ceiling, which only takes a couple of clicks on the Treasury’s computer.

To put the debt ceiling debacle into perspective it’s equivalent to a family getting together and deciding to buy a new car, new furniture and new iPhones for everyone.

In a few months the family members realize they can’t pay the bills so they run down to their local bank and tell the bank that the family got together a few months ago and decided to buy a bunch of junk and now they can’t pay all their bills.

They want to maintain their high credit rating and since the family already bought all the junk, they demand that the bank raise the family’s borrowing limit so the family can meet all the current financial obligations.

The bank raises the family’s debt limit, and the family borrows more money and pays its bills only to buy more junk, and at some point down the line, ask for another debt limit increase.

Again, America accomplished nothing by raising the debt ceiling except to allow a few more trillions of dollars of debt to be put on the backs of future taxpayers, you know, those young people who everyone claims to care so much about.

It’s impossible to predict when, but at some point, the U.S. government bond market is not going to take these constant increases in the debt ceiling with no fiscal reform so lightly.

Richard Strozinsky

Walla Walla

Comments

namvet60 5 months, 3 weeks ago

And the answer to your last paragraph is when the United States of America has to acknowledge this government has gone to Socialism. Pathetic!

0

NewInWW 5 months, 3 weeks ago

Your analogy, "To put the debt ceiling debacle into perspective it’s equivalent to a family getting together and deciding to buy a new car, new furniture and new iPhones for everyone" is completely wrong.

The correct analogy is, "To put the debt ceiling debacle into perspective it’s equivalent to a family getting together and deciding not to pay the mortgage, the utilities or to make the car payment."

The debt ceiling isn't about new spending, it's about paying for spending already incurred. Imagine what happens if my hypothetical family decides not to pay the mortgage, the car payments or the utilities? Now multiply that by billions.

0

barracuda 5 months, 3 weeks ago

Re: NewinWW's statement of "The correct analogy is, "To put the debt ceiling debacle into perspective it’s equivalent to a family getting together and deciding not to pay the mortgage, the utilities or to make the car payment."

That statement should have read as follows: "The correct analogy is, To put the debt ceiling debacle into perspective it’s equivalent to a family getting together and deciding TO pay the mortgage, the utilities and make the car payment." And in doing so, they wrote out check(s) that they hoped would be funded by the time it was received at the mortgage company. And they plan on funding the check by demanding a raise, when the boss (you, me and our grandkids) is already to the stretched financially tight.

Sometime we are going to have to start holding any current administration accountable and not blame the Bush(s), Clinton's and Reagon etc. I cannot blame my financial burden always on my past and expect to get ahead, sometime I am going to have to plan for the future to get myself out of financial trouble. "Tax freedom day" was April 13 last year, and it was based at 29.3%.

1

Sign in to comment

4 free views left!