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The Debt ceiling is to pay for previous spending not current ones. What is funny is that the current House Republicans want to talk about future spending while holding the full faith & credit of the US Government hostage.
Where were these Conservative financial warriors during the Trump Administration when the GOP raised the Debt ceiling 3 times when they were in power and incurred $7.8 Trillion dollars in Debt?
25% of our current Debt happened under the Trump administration which is the largest for any President in history.
Republicans are phony and only blame Democrats for anything they give a pass to Republicans with. I'm sick of the Republican hypocrisy.
What is the big deal about the debt ceiling? Its been a week and all the dire predictions failed to happen.
A week ago congress failed to raise the debt ceiling.
Now Congress is doing what they used to call "extraordinary measures". That means they are borrowing money from one govt fund that has cash it won't need until a few months later, to pay the debts due from another govt fund that has debts due right now and they don't have ANY cash.
Lather rinse repeat... until you run out of govt funds that have enough that you can borrow them.
Then the govt shuts down.
Actually it doesn't really shut down. It just shuts down activities it decides aren't important (National Parks etc.), and leaves "essential functions" going. They've done it a dozen times already in past years. It's gotten so routine that the media doesn't bother reporting it any more.
This brings up interesting questions. Such as, "If they functions they shut down weren't "essential", then why bother to start them up again?"
...and "If people want those 'non-essential' functions badly enough, whey don't they set up a private company or charity or something to pay for them, and pay into that? Or get their state govts to pay for them?"
In fact, when the Fed govt shuts down "non-essential functions", the result is an instant balancing of the Federal budget.
At least, until the Republicans cave again, as they have EVERY time the govt "shuts down". Without exception.
Now Congress is doing what they used to call "extraordinary measures". That means they are borrowing money from one govt fund that has cash it won't need until a few months later, to pay the debts due from another govt fund that has debts due right now and they don't have ANY cash.
Lather rinse repeat... until you run out of govt funds that have enough that you can borrow them.
Then the govt shuts down.
Actually it doesn't really shut down. It just shuts down activities it decides aren't important (National Parks etc.), and leaves "essential functions" going. They've done it a dozen times already in past years. It's gotten so routine that the media doesn't bother reporting it any more.
This brings up interesting questions. Such as, "If they functions they shut down weren't "essential", then why bother to start them up again?"
...and "If people want those 'non-essential' functions badly enough, whey don't they set up a private company or charity or something to pay for them, and pay into that? Or get their state govts to pay for them?"
In fact, when the Fed govt shuts down "non-essential functions", the result is an instant balancing of the Federal budget.
At least, until the Republicans cave again, as they have EVERY time the govt "shuts down". Without exception.
I think that is part of why the dems want to avoid this. Lots of what the government spends lots of money on is not essential.
https://bgrdc.com/history-of-debt-li...hy-it-matters/
If government hits the debt ceiling and exhausts all other options, it can no longer borrow. Since the government runs an annual deficit, it will run out of money soon after it hits the limit and temporarily default on obligations. If the Treasury Department is not able to borrow additional money, the United States could default on outstanding loans and its credit rating may be downgraded by credit rating groups. A default would negatively impact the U.S. economy and international financial markets.
What is the big deal about financial collapse and an inflationary depression? It is just mass human suffering, starvation, desperation, and chaos. No big.
Pray that it does not happen during your children's lifetime.
We are not even close to the character of Americans who endured the Great Depression. 1/3 of the nation are directly dependent on the US and state governments in some form. Wait until a fincancial collapse of the nation ends all entitlements, welfare, pensions, social security, disability, EBT cards.
What is the big deal about financial collapse and an inflationary depression? It is just mass human suffering, starvation, desperation, and chaos. No big.
Pray that it does not happen during your children's lifetime.
We are not even close to the character of Americans who endured the Great Depression. 1/3 of the nation are directly dependent on the US and state governments in some form. Wait until a fincancial collapse of the nation ends all entitlements, welfare, pensions, social security, disability, EBT cards.
It is going to be hell on earth.
My parents went through the great depression and my dad joined the navy at 17 after Pearl Harbor. The greatest generation. The gap in character of those people and what I see today is startling. I am not saying its a good thing to trigger another depression however decades of handouts and cradle to grave social programs have left us with a very weak society. Weak minded people who can no longer take care of themselves. We are the only species on earth that 1/3rd of the population as you state needs others to support their very existence (besides our pets like cats and dogs which also are our own doing). I think we have weakened ourselves to the point that if invaded we will just let them take over. As long as they let us keep our iPhones and EV cars. And social media.
Last edited by Oklazona Bound; 01-27-2023 at 05:04 AM..
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