The country will once again max out its taxpayer-funded credit card and bump up its borrowing limit very early in 2013. In the last go-around, the Treasury was able to evade their problems for a while, but Uncle Sam will not be able to spend any more money than it brings in without raising the debt ceiling.
By JONATHON M. TRUGMAN
Last Updated: 10:23 AM, December 2, 2012
The debate in Washington is not what it seems to be — let’s set the record straight so everyone isn’t fooled by the DC hustle. After all, these are professional politicians.
The entire podium-posturing about the fiscal cliff has really been nothing more than a fig leaf for raising the debt ceiling.
The country will once again max out its taxpayer-funded credit card and bump up against its borrowing limit very early in 2013 — close to Inauguration Day, coincidentally.
Treasury does have some wiggle room, but not much. In the last go-round, it was able to evade the creditor’s phone calls for a few months. Without raising the debt ceiling, Uncle Sam won’t be able to spend any more money than it brings in.
It is very hard for everyday Americans struggling in this economy, cutting back to make ends meet, to not feel a legitimate sense of outrage over Washington’s irresponsibility.
Millions of Americans have had their homes foreclosed on, credit cards rescinded and small business lines canceled — and yet this government, in a time in which there is neither a new war nor a recession, asks for an increase to its bloated credit line.
To put that into perspective, the Treasury Department’s website on Nov. 30, 2011, posted the US debt as $15.1 trillion. Today it’s $16.4 trillion.
With all the talk about taxes on both sides of the aisle, whom do they think they’re kidding? If they raised taxes per the Obama administration’s ridiculous request, it would cover 5 to 7 percent of the problem.
So they’ve spent 90 percent of their pompous podium-posing time talking about less than 10 percent of the solution.
It’s time the government cut back as families do when things are tight — not just mortgage more of the future or try to balance it on the backs of small businesses, which will bear most of the new taxes.
If they are serious about cutting deficits, why not have a pro-jobs program?
For each person who gets back to work in the non-government world, our deficit shrinks by a factor of two. First, he or she no longer needs unemployment benefits or food stamps. And second, that individual, even if a low-to-moderate earner, now pays payroll taxes, which his employer matches. Now that’s something that works.
To see original article CLICK HERE