The debate over raising the debt ceiling is back, as it is every year now because Obama is spending so much money. And in a recent speech at the Business Roundtable in Washington the president of the United States said this:
"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.
"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." (end of Obama quote)
Friends, this quote is frightening. And this has been a regular narrative of the Democrat left for decades because it fits their debt-driven agenda – that debt somehow is no big deal and it does not hurt the economy. Because their solution to everything is to spend more government money and create more debt.
Yet any rational person knows that debt destroys individuals, families, businesses, states and entire nations. Because debt is oppressive, both financially and psychologically.
Greece is the most recent nation to collapse on account of its huge debt while many other nations are suffering because of their debt loads. Meanwhile the US national debt keeps increasing and Obama’s quote – “raising the debt ceiling, which has been done over a hundred times, does not increase our debt” – is simply surreal.
This type of wordplay is at the heart of Democrat socialism, with the handout poor and others like government workers and taxpayer-funded organizations prospering off of our national debt and then minimizing or ignoring it for one reason only – because they are benefitting from it.
And when Obama says that raising the debt ceiling is no big deal because it “has been done over a hundred times” he is technically correct but is being wholly dishonest. Because we indeed have increased the debt ceiling many times before and it often has not harmed us. But that is because that debt was much smaller than today in relation to our total national annual wealth (GDP).
Those days are over. Today our national debt is the same as (is 100% of) our GDP – both are about $17 trillion, while 60% is considered the upper limit of a safe debt load. This debt has now reached a level where taxpayers in 2013 are paying $400 billion every year just to service that debt but not even to pay off one single penny of the $17 trillion.
That money is being sucked right out of the economy. But to Obama and his liberal cronies it is not a big deal. And this is how they are undermining the country – by drowning us in debt and making everyone “equal”. Indeed more and more people have become equally “poor” and dependent on the government. And thinking that only Democrats and their handouts can sustain them, most vote Democrat. Very convenient…
Look at what Obama said… “because the average person thinks raising the debt ceiling must mean that we're running up our debt.”
Uhhh, sir, the “average person” is a lot smarter than you are. Because we indeed are running up our debt significantly. And this idea that debt is harmless is promoted by most Democrats and by left-wing columnists like Paul Krugman at the New York Times. It is nonsense and is intended to deceptively ease our minds about more spending.
Yet Obama has added more than $7 trillion to our national debt since he took office and expectedly our nation is in the worst shape that it has ever been. Because not only is the debt costing us dearly in debt service alone, but most of the debt spending is not helping our economy either. Much of it is for welfare, for people to be idle. The 2009 ‘stimulus’ was fraud. Meanwhile most of the jobs being “created” by all of this spending are very expensive per job and contribute virtually nothing to economic growth; most of them have been make-work jobs, like all of these ‘green’ jobs which have come with a huge price tag per job.
Why is this runup in our debt happening with so little protest?
Because the long-term impact of the debt – higher taxes and slower growth – happens slowly over time. But the short-term euphoria of debt spending is well-known and pronounced. Tens of millions of Americans know when that government check arrives or, worse, when it is late.
Here is a sterling quote from Franklin D. Roosevelt’s own Treasury secretary Henry Morgenthau talking in 1941 about years of heavy government spending for make-work jobs during the depression:
"We are spending more money than we have ever spent before, and it does not work. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this administration, we have just as much unemployment as when we started and an enormous debt, to boot.”
It would be nice if someone in the Obama administration were that candid. And what do liberals always say about Roosevelt?
They say that Roosevelt “saved” America. Which he did not. He lengthened and deepened the depression in many ways, particularly through more and more debt spending. Finally it was heavy weapons spending for World War II – the one type of debt spending that contributes most to economic growth but which liberals despise – that ended the depression.
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