Some highlights: "Congress has never failed to raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support." -Tim Geithner. "It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters.
...Except that you don't need bipartisan support to pass a resolution. And what Democrat Congressperson has turned down the opportunity to spend money?
And... how does raising our national debt ensure that we can meet our financial obligations? Surely the higher our debt, the more difficult it is to honor our financial obligations.
I do not understand this thought process. How on earth is our extreme debt going to help our economy? How is a household deep in debt going to become fiscally healthy by adding more debt? And... AND... Why was Tim Geithner the ONLY person who could save our economy?
2 comments:
Yeah, that's rather confusing. I'm not sure I understand why raising our debt allows us to meet obligations. Doesn't it allow us to look poorer/stupider (it's a word, it is!) and less trust worthy to other countries?
hi sam! yay another potential follower! i'm trying to be internet famous, you know.
kidding.
i am also confused and therefore inarticulate about this thought process. i think it helps the economy on a smaller scale by putting government dollars into the private sector. but since government dollars come from taxpayers, and taxpayers are in the private sector, it doesn't make much sense to begin with, and it certainly won't work on this scale. they're going to fix our debt by monetizing it, or printing money, which will inevitably lead to inflation and BAD NEWS BEARS.
doooooom.
Post a Comment