There is much discussion on whether or not to raise the debt ceiling for the federal government.  On the one hand we are told that if we do not, that the USA would go into default on its loans and that would sink the world economy.  On the other we are told, and so it seems that the executive branch could choose to service the debt and not pay other bills.  Sort of live within your means like what happens when you loose your job and the credit card is maxed out.

 

Please comment here and/or go the the following indicated web page and take the Michigan Tea Party poll on whether to raise the federal debt limit or not.  We will publish the results in a broadcast message next week.  The web page is here; (Click Here).

 


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Comment by Denis Curran on April 30, 2011 at 2:25pm

A great point from Mark Steyn:

 

The “poorest” half of the population pay no federal income tax. They’re not exactly poor as the term would be understood in almost any other country, but in federal-revenue terms they’re dependents, so in order to fund government services for the wealthiest “poor” people on the planet we borrow money from a nation of subsistence peasants where pigs are such prized possessions they sleep in the house.

Comment by Sharon Lollio on April 28, 2011 at 10:12pm
Love the cartoon - what more needs to be said?
Comment by Denis Curran on April 25, 2011 at 8:10am

Something I wrote a while back on another blog:

*****

     Consider: OK, so the U.S. defaults on its debts. Credit is immediately cut off, as nobody will loan the government anything more. Regardless of what the Senate does, or any veto, we have an instant de-facto balanced budget amendment. Unless the government dives into a suicidal Weimar style inflation, entitlements are going to have to be radically scaled back to what the country can actually pay for, and most of the vast (and unconstitutional) federal boondoggles will run out of money. What's not to like?
      Is there anything I'm not catching here? I would think that even the beginning of a perception in foreign lenders that it might actually happen would be sufficient to quickly drive borrowing rates up to unsustainable levels, and the U.S. would suddenly have to live within its means.

*****

     Since then, I've read some articles that say not extending the limit will cause stocks to drop, and put the economy in a recession. I don't know whether to believe this. I suspect that argument is being made from the point of view of the Artful Dodger(Geithner)/investment bank types that orbit between D.C. and Wall Street, the ones who insisted on all the TARP spending. It could very well be that in order to save their invested millions, they had to spend our trillions. Whether letting the business cycle take its natural course would have been so bad for the rest of us, I'm not so sure.

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