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As America manuevers through year five of the Total Economic Fantasyland phase of her existence, we have yet another debt ceiling "crisis" approaching. Like the previous debt celing crises, which we miraculously managed to survive, this one too will be marked by partisan politicians running around in circles, waving their arms, and jockeying for a partisan edge. After much hullaballoo, an 11th hour deal will be struck. The mainstream media (being Democrat), will decide, as it invariably does, that the Democrats won the battle, and the Republicans lost. Fox News and Talk Radio may dissent. Alternately, the government could shut down for a short period, and then the Republicans would lose BIG (with the media). Nothing will really change.
Until a deal is reached, partisan poseurs like President Obama will utter boilerplate semantical contradictions masquerading as intelligence, as Obama did when he said:
"Now, this debt ceiling --I just want to remind people in case you haven't been keeping up -- raising the debt ceiling, which has been done over a hundred times, does not increase our debt. It does not somehow promote profligacy. All it does is, it says you've got to pay for the bills you've already racked up, Congress. It is a basic function of making sure that the full faith and credit of the United States is preserved".
Excuse me, Mr. President, but if the debt ceiling has been raised a hundred times, as you stated, isn't that PROOF that raising the debt ceiling increases the debt and encourages profligacy ? I thought so.
And let's not forget that when the President's name was Bush instead of Obama, Senator Barack Obama (D-IL) voted AGAINST raising the debt ceiling, making precisely the opposite debt ceiling argument to what he's making now. That tells you all you need to know about Barack Obama and many other partisan politicians whose beliefs vary depending on the party in power. As I have stated numerous times before, Obama is a phony political opportunist.
This question should be asked of Obama: If things are as you say, Mr. President, and raising the debt ceiling doesn't "promote profligacy", doesn't "increase our debt", and is necessary to maintain the "full faith and credit of the United States"...THEN WHY DO WE HAVE A DEBT CEILING IN THE FIRST PLACE ? Why has this country had a statutory debt ceiling since 1917 ? Is it because every other federal government administration prior to Obama's consisted of a bunch of idiots who didn't realize the debt ceiling was evil ??? I highly doubt it.
Or...maybe all those other administrations prior to Obama's realized that, while a certain amount of government debt is normal and even useful, running up trillions in debt every year (via federal deficits and quantitative easing) is the true evil, and when our debt is larger than our entire GDP, with no viable way out of our massively escalating debt burden, it threatens the very economic foundation of this country.
Naturally, liberals who support this President (God only knows why) will disagree with me, tell me trillions in new debt is GOOD!!!, and then blame everything on George W. Bush, as is their custom (Oddly, debt was REALLY BAD to liberals when Republicans Bush and Reagan accumulated it at much slower rates than has Obama. Go figure). In other words, liberals have lost their minds in order to support Barack Obama because he's a Democrat, which is all that really matters to them. The fact that Obama is ruining this country for generations to come is of minor concern. Speaking of which, what kind of moronic President signs the largest new entitlement program (Obamacare) in half a century when the country is in the middle of a debt crisis and MAJOR recession, and we already don't know how to pay for our existing future entitlements ? It's almost as if he WANTED this country to collapse. Maybe, just maybe, Obama is the idiot (can I say that without being racist, liberals ?)
At about this point in my post, liberals are ready to jump up and shout "but look at the stock market !!! It's booming !!! The economy is recovering !!!". They will say this in spite of the fact that on Obama's watch, government dependency is at a record high, poverty has increased, wages have decreased, costs have increased, the labor participation rate is the lowest in decades, and so many workers can only find part time jobs. Some recovery. The fact is, this is the weakest recovery since the Great Depression. Liberals try to blame this on Republicans...but they know in their hearts it isn't true, even if they won't admit it.
The economic state of America today is artificial, a mirage. It is propped up by the Federal Reserve buying $85 billion in bonds every month (QE), and the federal government spending far beyond it's means (about $6.5 trillion in new debt in the 4 1/2 years since Obama became President). Interest rates have been forced artificially low, which explains why the stock market is rising. There's no other place to invest and get a decent return. America has become largely a service-based economy living beyond it's means, and the tsunami of entitlements coming when the baby boomers retire en masse hasn't even hit us yet. In a few years it will, and the good ship TotalEconomicFantasland's carnival cruise will come to a screeching halt. The dollar will collapse, and I imagine the dollar will lose it's status as the world reserve currency. When that happens, Katy bar the door, because then WE WILL BE FORCED TO START PAYING OUR BILLS, which we are wholly unprepared to do. Until then, um, Hopenchange !!!...dummies.