We have heard from those politicians, who need to join spenders anonymous, that if we do not raise the debt ceiling we will default on our debt and plunge the country into chaos. This answer to this is super simple. We take tax revenue that continues to come in and use that to pay the debt and interest on the debt. We take whatever is left and use it to run the country. Yes, we will have to cut expenditures to make this smaller pot of gold work, we will not default, or lose our credit rating – it might even be strengthened.
We have heard that if we don’t raise the debt ceiling that our credit rating will drop – lie, lie, lie!!!
When creditors look at lending to you or the country, they look at your ability to repay – they do not look at an abritrary debt ceiling deadline that has been increased more than a dozen times in the recent past, just so we can borrow more money.
Either these politicians are just plain stupid or they are lying to you. I will go with lying to you. Remember, they are spendaholics and need spendaholics anonymous. They like being spendaholics because they spend your money and other people’s money to buy votes and retain power. Well, they have reached the rail head – their is no more track. It is time to send these “We Must Raise The Debt Ceiling Or Collapse” liars to spendaholics anonymous or out of Washington and back home.