Monday, July 25, 2011

What in the Hell is a "Debt Ceiling" anyways...?

Ok what in the HELL is a “Debt Ceiling” anyways? If you’re like me (and most of you are) you had to look that new hot button political phrase up! Now, there’s a lot out there and depending on who you listen to…you could become even more confused. So, don’t worry just read what I’ve researched for you below (and tell your friends too).

Debt Ceiling(limit) for dummies (like me!?)

Many of you less informed may be asking “why are they raising the debt limit anyways”? Well first, they’ve raised that limit 70 times over the last 50 years! So, why haven’t you heard of this political process before? (Because politics have changed over the past 10 years or so) Those 435 members up there in D.C. used to resolve their disagreements among themselves. Now, it has become more common place to whine and complain they are not getting their way to YOU (the less informed). Now, correct me if I’m wrong but didn’t we vote to send them the D.C. because they were far smarter than “us” in regards to these very complicated measures? OOoppss I’m on a tangent again…(where was I?)

Oh yeah, the Debt Ceiling or limit was created as a simple watch dog for the President on borrowing and spending “carte blanche” during WWI.  Denmark is the only other country that has one (yep... we finally have something in common with Denmark!). Now, each of us has or had a credit card at some point in our life. We also received a limit on that card based on what other folks thought we’d be able to pay back. The difference with the National Debt limit (ceiling) is they are giving a limit to themselves!? HUH, yep it’s like you getting a credit card and placing a limit yourself on “said credit card”. Then you argue with yourself about being fiscally responsible. Then... you get bored with yourself and you call your neighbors over and complain to them!

You’ve heard that if we go into default, we will soil our credit name with the world. The fact is we owe very little of our debt to others (our biggest debtor is China and that accounts for about 8% of the monies owed out). Most of the money owed is to ourselves (Military checks, SSN payments, Interests payments on US Bonds, etc…). At the start of a fiscal year Congress approves a budget and that budget included bills to be paid and money to be spent. If the debt limit doesn’t cover that budget EVERY SINGLE TIME THE LIMIT GETS RAISED….except this time???  In other words, the US ordered all this stuff and now the bill comes and they’re saying we don’t have the money because we’re being fiscally responsible (call me crazy, but isn’t that supposed to happen before you order the meal?)

Here’s the Kicker…the limit is supposed to handcuff the President. But, if it isn’t approved the President will have the executive power to decide what bills get paid and which won’t. In other words, he can and will get blamed for ALL spending and the entire Republican Party can say “we had nothing to do with all that crazy spending that the “immigrant half white/half black guy did”.

Well now that wasn’t too difficult was it? 
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