Interesting Read on the Debt Limit (Congress, suspect, Obama, solution)

[earthlyfather]

I know many are concerned about the debt limit not being increased. I have to admit that all of the shrill chicken little voices emanating from the Obama Administration can be unsettling. But, if one gets past the noise, surrounding the immediate ( ~ August 2) need to raise the debt limit, then one can see the real need is to deal with our long term entitlement program issues.

I'll be interested in hearing your comments, after reading the article.
http://http://blogs.marketwatch.com/fundmastery/2011/07/12/the-u-s-treasury-will-not-default/ (broken link)

[Pilgrim21784]

I'll suggest also reviewing the following budget breakdown link below as being useful in the discussion:
Policy Basics: Where Do Our Federal Tax Dollars Go? — Center on Budget and Policy Priorities

For starters, I'd love to vote for Mr. Buffet's wise solution as quoted in the article:

"I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection. (Warren Buffet)"

The article is interesting though is just a tad partisan. I suspect that Secretary Geithner's secret thoughts might go along the lines of:

Would you political types quit the games, we have a country to run. Decide one way or another but let us skip the political rhetoric and get on with the business of governance.

(Please note that the above is a made-up statement I created for discussion. Mr. Geithner's private thoughts are unknown to me.)

It will certainly be interesting to watch if the SS checks don't go out on time in August. I suspect that both sides of the isle may get a genuine education if they screw-up on that one.

I guess my fundamental personal reaction to whole mess is embarrassment. I say that with full cognizance that partisanship is the nature of politics. Its just that I fail to comprehend why the management of the US government has to go through this genuinely (IMO) pathetic exercise in incompetence. I would have a hard time explaining this situation to a foreign observer. I would like to think that the US could display something akin to responsible leadership in the management of its affairs. Such, sadly, does not appear to be the case.

WARREN BUFFET FOR CZAR!