published Tuesday, May 17th, 2011

Quit piling up U.S. — our — debt

It’s no mystery that the United States has a disastrous national debt, on which we must pay hundreds of billions of dollars in taxes just to cover the annual interest.

Yet our country, unwisely, is facing the prospect of adding $1.5 trillion more red ink to our debt just this fiscal year!

So as we are getting close to the legal $14.3 trillion U.S. debt “limit,” President Barack Obama recently held a meeting with some Senate Republicans to urge a “compromise” — to raise the debt limit.

Congressional Republicans have said they will not raise the debt limit — unless Obama agrees to big spending cuts and no tax increase. Congressional Democrats are insisting on tax hikes.

Unless something is done, the $14.3 trillion debt limit will be reached by Aug. 2, according to figures compiled by the Treasury Department.

So, will the “debt limit” actually limit debt this time — or not?

Why have a debt limit if we don’t mean it?

What can that possibly accomplish, except to provide a way for politicians to say they’re “doing something.”

Isn’t it high time — really past time — for both Democrats and Republicans finally to be reasonable and responsible, quit raising the debt, not raise taxes, reduce spending and stimulate our economy?

This is a serious matter that needs a serious decision.

If we don’t limit debt now, when economic calamity is knocking on our door, when will we?

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nucanuck said...

Let's slash spending, bring down the social safty net and have ourselves a barnburner of a depression.

Poor hungry folks were mostly orderly in the 1930s, any bets on how orderly things might be under similar conditions in the 2010s?

May 17, 2011 at 1:59 a.m.
Plato said...

Congressional Republicans won't even agree to cut out the corporate welfare to the oil companies now making record profits. Instead of holding the country - actually the world - hostage by risking default which will produce high interest rates and hyper inflation, why don't they get serious about real fiscal reforms?

Nancy Palosi, one the Pubs favorite targets to beat up, yesterday stated that Medicare, Social Security and Medicaid must be reformed (along with other measures). It would sure be nice to some on the other side of the fence take a little bit of a political risk in like fashion, for the good of the country, but I'm not holding my breath.

May 17, 2011 at 11:58 a.m.
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