My friends, what if you want to pay your Visa, with a Master Card or if you want to charge your Visa bill on the same Visa card? What will Visa tell you about that? Unfortunately, this is exactly what government does by raising the debt ceiling. They want to pay their 16.4 trillion dollars debt, by borrowing more money. This is not paying the debt. This is the biggest Ponzi scheme ever. This is the reason, why government keeps running out of the debt ceiling, again and again. It accumulates more debt, while paying current debt. Hence, all the tax payers money paid in principle and interest, goes down the drain. In fact, government goes one step forward and two steps backwards, every time it makes a payment on debt. Do you really think that this enormous debt will ever be paid off, this way? We are just getting stuck, deeper and deeper, in this swamp.
The worst part of this is that president and Democrats have absolutely no issue with it. When opposition says that they would raise the debt ceiling, if government shows some more responsibility and take definitive steps to actually reduce the debt, president calls it political bickering and something he doesn’t want to get engaged in. His ideal scenario is extremely dictatorial. He wants congress to raise the ceiling, every time, he asks for it, without asking any questions, so that the debt and deficits crisis keeps getting worse and one day we find ourselves in the same position as Greece and Ireland.
Mr. president and former professor of constitutional law, for your kind information, we are a constitutional republic, for a reason. We have a wonderful balance of power between all the branches of government. Our credit rating is hurting not because congress is reluctant to raise the debt ceiling. It is because of the cause of raised debt ceilings, which is extremely big government and totally uncontrolled spending. When you are going to embrace this simple and obvious fact, instead of running down this country to the path of bankruptcy. Even if we keep raising the debt ceiling, can you tell us, how high we can go,? How much we can ultimately afford? And how long the great Ponzi scheme, you are running, can be afforded? Logic says, and intelligent people would agree that regardless of, how big, rich and powerful, we are there should be, and there is going to be a limit for this craziness. Once we hit that limit, then what? There will be a huge sovereign debt crisis. Credit ratings, which you care about so much, will be totally down the drain. Cost of further borrowing and interest rates will skyrocket and will ultimately become unaffordable, taking job market, economy and businesses, down the drain, along with it.
Don’t you contradict your own statements and promises, you made in 2008 presidential campaign, when you want to keep borrowing and spending. Didn’t you promise a balanced budget in 2008. Didn’t you say that rising national debt and budget deficits are the greatest threat to our security? Isn’t it wiser to make those though decisions, now, when we have little bit of time available, then to do it, at the point of no return? How are you going to pay all these entitlements, so dear to you, once we hit that tipping point? Even for entitlement, isn’t it safer, to do something about it, now?
Our government has a revenue of about 2.5 trillion dollars. It spends 3.8 trillion dollars. Current sovereign debt is about 16.4 trillion dollars, while U.S. GDP is about 16 trillions of dollars. Debt is projected to be 26 trillions by the end of this decade. Even if you deduct all the outlays, including security and non-security, the total of mandatory expenses, entitlements and interest payments are more then the government revenue. Take a deep breath, think and tell me, in this scenario, how can you ever be able to cut the deficits and pay down the debt, without cutting the entitlements, which Obama doesn’t want? If you compare U.S. projections with Greece, in a realistic, graphic way, you will be stunned to find out the similarities. We are heading to the exactly same path. If we continue to go down the same path, as proposed by Obama, we are hitting that tipping point, sometimes around 2020. Doesn’t he understand that our debt has already exceeded our GDP. If you are running a household or a business, even if you get there, wouldn’t you stop at the point where your debt exceeds your revenue? Otherwise, what would be the consequences? Bankruptcy, of course. That is exactly where, Obama is taking us. A Greece like bankruptcy, lowest credit ratings in the world, no money to pay any entitlements, whatsoever, no money for defense or anything? Don’t you want this problem resolved, before hitting that disastrous tipping point?
As every one you knows, who has ever run personal finances, a family and / or a business that if you are running deficits and losses, there comes a point, when you say, enough is enough. We must cut spending right now, or we are done. Unfortunately, due to the ever growing government and spending, nationally, we are at that point, right now. Everyone of us, as a responsible U.S. citizen, must scream, in every possible way that enough is enough. Stop this insanity, now. We must start petitioning the spending lowers, immediately, and start telling them to seriously work for a responsible, small government or they have lost your vote for ever. Doesn’t matter, which new gimmick their expensive campaign managers and corporate media allies, come up with, you will not vote for a spending and big government lover.
It is unbelievable that they are telling us, 2.5 trillion dollars are not enough for them and they still have to raise taxes, which will worsen the economy, already being damaged by very high taxes, to provide for an already huge government. Crazy! The worst part is that many people are still buying this totally ridiculous and baseless argument, as they did in recent elections. We are all in this together. If ship sinks, all of us are going down.
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