IS THE “CRISIS” ONE OF CONGRESS’S OWN MAKING?
by Dwight Kehoe, ©2011, blogging at tpath.org
(Jul. 30, 2011) — In 1917 Congress passed the Second Liberty Bond Act. This was the precursor of the Debt Limit.
Why was this begun and has it had any effect on spending? The answer is, of course; it has had zero effect on spending. So what then was and is its purpose? Basically it is little more than an insurance policy to our debtors. It’s existence merely (tries to) tell the buyers of our bonds and certificates that the Congress has put limits on itself, even though it does not.
As you all have heard, the leftists in the media continue to call August 2nd “The Default Deadline” when in reality it is nothing of the sort. Not even close. August 2nd merely marks the date in which the spenders of our national resources have once again failed to keep spending under what they have promised.
No other country has a debt limit separate from its budget process. If our arrogant politicians really were concerned about the debt limit, they would lock it into the budget, as every other country does. While this would be far less effective than a balanced budget amendment, it would be a good start. But don’t hold your breath for any of that.
The conclusion of the media, the liberal Democratic party and even the spineless Republicans that is a debt default is inevitable if we do not raise the ceiling. Nothing could be farther from the truth. Understand that a default on the US debt will occur only if the putative President decides not to pay them. No other reason. He could just as easily have defaulted last year or yesterday as he would on August 3rd.
So remember the debt ceiling is no ceiling at all. It is only a mark on a scale that will be the next to be ignored. Nothing else. The danger to our country is not raising, lowering or keeping the debt ceiling where it is. The danger, regardless of the latest debt ceiling number, is irresponsible politicians who will spend what they want.
This country does not have a debt ceiling crisis. It has a spending crisis. It has to be stopped, Not slowed down, stopped.
If the conductor of a train was radioed that the bridge was out five miles ahead, would he need to stop the train completely or compromise with a few zealots and just slow down a bit?
The Tea Party movement wants that train stopped. To compromise with those who care not, when or how soon doomsday arrives is tantamount to negotiating your own destruction. Not if, just when.
Stop the spending and stop it now. When the train hits the bottom of the canyon it will matter not the speed at which it left the tracks.
The bottom line is, Democrats do not care if we spend the country into oblivion and Republicans are afraid of the news media’s reaction if they are “extreme” in applying the brakes, even though they know extreme is required. Is it unfair to say that Democrats do not care? NO! If they did, they would join the Tea Party-backed Congress people and stop the madness.
Republicans: no compromise; pass a bill with true cuts at least 1 Trillion dollars the first two years, send it to the Senate and let them suffer the consequences of doing nothing.