“Raising the debt ceiling doesn’t increase the nation’s debt”, Pres. Obama declared in a speech on Thursday.
From CNS News:
In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it’d been done so many times in the past:
“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”
Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt:
“It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”
But, isn’t the fact that the U.S. has hit its debt ceiling “over a hundred times” – and, thus, has had to keep raising it – proof that raising the limit does, in fact, lead to increased debt?
I wonder if the resident would like to explain that whopper without a teleprompter. The sad part is that he no doubt believes his own crap as do those that wrote the script.
Some months ago I had the occasion to converse with a high level retired Fed economist about the difference between ” the debt” and “the deficit”. His explanation is there really is no separation between the two but the government tallies each separately. The only distinction is that the Federal Reserve purchases its own T-bills to the tune of $85 billion a month keeping Wall Street alive. The rest are purchased by the Chinese, Japanese, and some European countries in a forever “moving the deck chairs on the Titanic” maneuver.
The reality is that our daily expenses are rising as our dollar gets weaker and weaker with each passing day. In the meantime, the entirety of leftydom is quiet about the proposed raising of the Debt Ceiling despite them have conniptions when republican presidents were in office.
The reality is that few if any understand the Ponsi scheme in the works. I certainly don’t profess to really understand it and I doubt there are any but a scant few on Capitol Hill that understand it either nor would they want anyone to know. For sure they don’t want the public to know.
How’s that “Hope & Change” thingy working out so far?