Post by Smilin' Jack on Oct 15, 2013 23:22:13 GMT -5
It is just stunning to me to see so many elected and supposedly responsible adults so incredibly wrong on the matter of the 'debt limit'.
Not raising the debt limit does not mean a default. Default is being unable to pay the interest on your debt. The US is no where even close to that scenario.
Why, from the POTUS on down there is the constant repetition and promotion of the notion that if the debt ceiling isn't raised, the US will default?
Politics?
It's roiling the markets, scaring people and generally misinforming even those that are paying attention.
The only sane perspective comes from Sarah Palin.
CBS DC 10-15-2013
Not raising the debt limit does not mean a default. Default is being unable to pay the interest on your debt. The US is no where even close to that scenario.
Why, from the POTUS on down there is the constant repetition and promotion of the notion that if the debt ceiling isn't raised, the US will default?
Politics?
It's roiling the markets, scaring people and generally misinforming even those that are paying attention.
The only sane perspective comes from Sarah Palin.
Former Alaska Gov. Sarah Palin believes President Barack Obama should be impeached if he raises the debt ceiling without the backing of Congress.
In a Facebook post, Palin said Obama is 'scaremongering the markets' on the prospect of default if the nation's borrowing limit doesn't rise by Oct. 17.
'Defaulting on our national debt is an impeachable offense, and any attempt by President Obama to unilaterally raise the debt limit without Congress is also an impeachable offense,' Palin said. 'A default would also be a shameful lack of leadership, just as mindlessly increasing our debt without trying to rein in spending is a betrayal of our children and grandchildren who will be stuck with the bill.'
The Obama administration has warned of dire consequences if the U.S. defaults on its debt for the first time, claiming it will have tremendous negative impact on the global markets.
Palin says there is no way the U.S. can default if the Fourteenth Amendment — which states 'the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned' — is followed.
We currently collect more than enough tax revenue to service our debt if we do that first. However, we don't have enough money to continue to finance our ever-growing federal government (with our $17 trillion dollar national debt that has increased over 50% since Obama took office),' Palin stated. 'That's why President Obama wants to increase the debt limit.'
In a Facebook post, Palin said Obama is 'scaremongering the markets' on the prospect of default if the nation's borrowing limit doesn't rise by Oct. 17.
'Defaulting on our national debt is an impeachable offense, and any attempt by President Obama to unilaterally raise the debt limit without Congress is also an impeachable offense,' Palin said. 'A default would also be a shameful lack of leadership, just as mindlessly increasing our debt without trying to rein in spending is a betrayal of our children and grandchildren who will be stuck with the bill.'
The Obama administration has warned of dire consequences if the U.S. defaults on its debt for the first time, claiming it will have tremendous negative impact on the global markets.
Palin says there is no way the U.S. can default if the Fourteenth Amendment — which states 'the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned' — is followed.
We currently collect more than enough tax revenue to service our debt if we do that first. However, we don't have enough money to continue to finance our ever-growing federal government (with our $17 trillion dollar national debt that has increased over 50% since Obama took office),' Palin stated. 'That's why President Obama wants to increase the debt limit.'
CBS DC 10-15-2013