Thursday, July 28, 2011

The Debt Ceiling

I didn’t want to start this off with politics but it is unavoidable. I know I am not as smart or knowledgeable as our highly esteemed leaders in Washington so please forgive my lack of understanding.

Why do we even have a Debt Ceiling? It isn’t like it truly means anything. We just raise it at will.

I think the American people would consider tax hikes ( I mean,  on themselves, not just on the “other guy”) if they could see that there was significant will in Washington to not keep going deeper and deeper in debt. Let’s face it,  saying Washington spends like drunken sailors is an insult to drunken sailors.  Case in point; we borrow money from China and pay them interest on the debt and owe them the principal.  We then take the money they lent us and give it back to them as  foreign aid. No amount of spin and fast talking can make sense of that.

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2 comments:

  1. AnonymousJuly 29, 2011 at 11:31 AM

    Amen to that. Joe K.

    ReplyDelete
  2. tonyJuly 29, 2011 at 12:44 PM

    The Congressional Budget Act of 1974 produced something called the baseline budget.
    That requires the increase in Government services every year by law.
    So the debt limit must be increased to keep up with the budget.
    It is a concept that will land you in jail if you try it in your business.

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