Dismissing debt limit is irresponsible, foolhardy and unforgivable

January 16, 2012

 
While all eyes and ears are focused on the Monday evening Republican Fox News presidential debate and the daily speculating about the outcome of the South Carolina Primary Elections on Saturday, January 21st, my concern centers on another $1.2 trillion increase in the nation’s debt limit requested by President Obama on Thursday, January 12th. 
 
The $1.2 trillion request on January 12th was Obama’s third and final request to raise the debt ceiling granted him under a deal reached by the White House and Congress in August of 2011 to prevent the government from defaulting.  When the August deal was reached, the debt ceiling was immediately raised $400 billion with another increase of $500 billion in October of last year. 

Although President Obama had been ready to ask for another $1.2 trillion increase in the nation’s debt on December 30 of last year, Obama agreed to a postponement of the request until lawmakers came back from vacation in mid January.  Lawmakers now have a fifteen day grace period in which to object to the president’s proposal. 

In a January 12th letter to Congress, President Obama informed lawmakers that the government was within $100 billion of its $15.2 trillion debt ceiling and that the ceiling must be raised immediately.  http://cnsnews.com/news/article/obama-asks-congress-lift-debt-ceilli… 

It is a given that many Republicans will voice their disapproval of yet another increase in the amount government can borrow to finance its operations, Democrats will unquestionably vote for an increase in the nation’s debt by $1.2 trillion, and Obama will disregard and veto any objections cited to raising the debt limit. 

Principled Republicans are likely to rail against the debt limit increase and in the process will once again be painted and blamed by President Obama and fellow Democrats as irresponsible and heartless in wanting to shut down the government.  It is a given Republicans will ultimately cave in to increasing the debt ceiling when the onslaught of outside and internal pressure over Republican hesitation to extend the debt ceiling by $1.2 trillion to $16.4 trillion

Regarding the $16.4 debt ceiling level, this astronomical amount of debt limit it is only high enough for the government to keep borrowing until the end of 2012, or just after the 2012 November elections. http://www.newsmax.com/PrintTemplate.goodies?nodeid=424034  

Republicans have every reason to object to raising this nation’s debt ceiling from $15.2 trillion to $16.4 trillion.  Coincidentally, the super committee launched at the time of last summer’s debt deal and tasked to find at least $1.2 trillion in cuts, failed to do so last November.  $1.2 trillion, the minimum amount the committee was asked to cut spending by, is the same amount President Obama is requesting of Congress.

The national debt has soared because those in charge of government have run record annual deficits over the past decade.  President Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day.  If Obama continues to spend at this pace, by the end of his term on January 20, 2013, he will have increased the national debt by $6.2 trillion.

In easy to understand terms, the figure $6.2 trillion amounts to more debt than was accumulated by all U.S. presidents from George Washington through bill Clinton combined! http://cnsnews.com/news/article/obama-pace-borrow-62t-one-term-… 

Consider these additional facts: 

*  George W. Bush spent $4 trillion over eight years; Obama spent $6 trillion over three years.

*  The debt was 5 trillion when Bush took office. Bush added four trillion more.  Obama added six trillion more to the national debt*  Cuts of a measly $7 billion were made in 2011; this is as much as our nation borrows in a day and a half!

No one can save America if she goes under.  This nation is experiencing what could be described as terminal cancer.  Borrowing 36 cents of every dollar spent can’t continue.  More debt will only lead to higher taxes, run away inflation, and even more decimation of defense

The dilemma:  67% of the American people receive some form of government subsidy.  Many Americans are so used to having the government feather their falls that they will vote for the political party who promises to continue to act their nanny or care taker. 

And why should our legislators really give a darn if they are spending this nation into the ground.   After all, they will not be around when this nation goes under or when future generation must suffer because present day legislators chose to retain their positions of power through their Santa Claus-like goody gift bags to greedy Americans, who, through their entitlement mentality, refused to sacrifice so those Americans yet unborn would not be burdened with taxes, incomprehensible debt, and a reduced standard of living. 

Just what will happen when the debt ceiling must be raised to $18 billion and then up to $23 billion to keep this nation from going under?   Might we conclude that when this happens our nation will already be on the point of no return?   And this will happen unless a leader is elected in November who will start to reign in and reduce government with its out-of-control spending! 

This nation needs a leader, who like Chancellor Angela Merkel of Germany, was honest in informing her citizens about Germany’s state of economy and what had to be done to keep Germany from falling over the cliff.  In her New Year’s television speech Merkel spoke of turbulence with set backs in 2012, in a year that will be more difficult than 2011, as she does everything possible to save the euro and end Europe’s sovereign debt crisis  http://www.telegraph.co.uk/finance/financialcrisis/8986986/Eurozone-debt-crisis-leaders-warn-of-dangers-facing-economy-in-2012.html 

Recently I received an e-mail titled:  “The power of adding O’s to the amount of money one deals with.”  Far too many Americans treat a trillion as just a figure with no understanding of what a trillion represents in terms of spending.   http://usdebt.kleptocracy.us/

Just what is a trillion ($1,000,000,000,000 or a million million dollars)?:  When the U.S. government speaks about a $1.7 trillion deficit, this is the volumes of cash the U.S. government borrowed in 2010 to run itself.  If the government spent $1 million a day since Jesus was born, it would have not spent $1 trillion by now but only $700 billion, the same amount the banks received during bailout! 

Now consider what it means for President Obama to request that this nation’s debt ceiling be raised from $15.2 trillion to $16.4 trillion.  Even my eyes glaze over at the magnitude of the money involved!

I have yet to hear any of the Republican candidates talk about this nation’s deficit in terms of what can be easily understand by the American people. Perhaps it is because they too are committed to big spending and more than ready to keep their goody bags filled with perks to snag voters.

While all eyes are focused on Monday night’s Fox News debate, followed by the South Carolina Primary, followed by Florida’s Primary, etc., in a march that will finally settle on the Republican candidate, who must be tough enough and genuine enough and with the ability to communicate ideas to set him apart from the recklessness and lawlessness of this current administration, let us not disregard the implications of this nation’s mounting debt ceiling.  To do so would be foolhardy and unforgivable.

As Brendan Buck, spokesman for House Speaker, John Boehner, R-Ohio, so prudently remarked:

“Washington’s mounting debt is a drag on our economic recovery, and this request is another reminder that the president has consistently punted on the tough choices needed to rein in the deficit and protect important programs for American seniors from going bankrupt.”   http://www.deseretnews.com/user/comments/700214836/Obama-requests-12T-hike-in-nations-debt-limit.html

 

 

 

 

 

 

 

 
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