Monday, January 17, 2011

Debit ceiling. help me from myself!

Bubble, bubble toil and shovel - The US has -when push has come to shove - shoveled money at its problems. When democrats and republicans are at loggerheads they come up with pile of cash and divide it between their respective interests and distribute it among their faithful followers and let the balance ride in the capital markets. So the US rolled tax cuts forward and it extended unemployment insurance WITHOUT any pledge to get its house in order in the future as 2010 came to close. There was no money to do this, of course, so it all comes out of the capital markets and now we have some oddballs who deign to call themselves conservatives arguing that they will hold the debt ceiling hike ‘hostage’ to some future pledge and action to curtail spending. Oh God, please save me from myself!

Stupid is what stupid does - You can’t do that with the debt ceiling. The plan for future fiscal reform is a good idea, one that is well overdue. Tying it to a debt ceiling hike is a disastrously bad idea. Debt ceiling legislation is STUPID. How does not paying our bills count as a conservative fiscal strategy?

Debt ceiling! The debt ceiling legislation is nothing but an opportunity for grandstanding; for those who have overspend to suddenly sound like they have religion, like a quit-smoker who would lecture current smokers then sneak out for a puff or two on the sly. Congress acts like somebody else agreed to all that spending that requires the ceiling to go up. No, one else agreed to it; Congress itself did it. Congress is acting like it’s bi-polar instead of in bi-partisan denial. You can’t spend then not agree to finance your efforts! Moreover, fooling with the debt ceiling is playing with fire. It is a juvenile act to try to threaten anyone with it. Such threats are the economic equivalent of threatening nuclear war. It’s the one threat you don’t dare follow through. Yet once it’s made it may get people to thinking and wondering… The electorate should take names and remember anyone that joins this movement to use the debt ceiling for political gain. Such people cannot be trusted to hold office.

No comments: