"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."
--Joseph Stalin

Monday, July 11, 2011

The Truth About the Debt Limit and Why It Should Not Be Raised

Will Malven
7/11/2011

All right folks, let's get something straight.  A "debt limit" is an impenetrable wall (at least by intent) set up by Congress to ensure that our government cannot borrow any money beyond a preset limit.  The purpose of setting a debt limit is to impose fiscal responsibility where none exists.   It is a restriction Congress has placed on themselves should they prove incapable of restraining their own profligate tendencies to spend money like drunken sailors.

The whole purpose of setting a debt limit is to prevent yourself--or your government--from exceeding it.  If you repeatedly vote to raise the thing, it defeats the entire purpose of having one.

So I am forced to ask why the heck are Republicans engaged in this charade, being orchestrated by President Obama, of engaging in debt limit discussions in an attempt to find a means of raising the debt limit?

The hard truth . . . the truth that Democrats can't/won't see and very few Republicans are willing to face . . . is that the whole concept of a "debt limit" invalidates the idea of negotiating some sort of "budget deal" which results in its being raised.

It is a debt LIMIT, not a debt budgetary suggestion. It was put in place to prevent government from borrowing any more money.   I don't know about you, but I think that $14 Trillion in debt is quite enough.  I don't believe we should be contemplating the addition of one cent to what we already owe.

These talks should be focused solely on what needs to be cut to bring us back UNDER the debt limit, not reaching an agreement on how much to cut to lead us back to some nebulous future balanced budget at the cost of another $6-8 Trillion in additional debt.

The very best strategy for Republicans to take . . . if they had the intestinal fortitude to pursue it . . . would be to do absolutely nothing.

Republicans hold all of the cards right now.  They don't need to do a thing but sit back and watch the Democrats squirm.  The problem is self-correcting.  If our government hits the debt limit on August 2nd, if America hits the "debt limit," what will happen?

Well first, there will be no default on the national debt as the fear-mongering liberals keep asserting.  It simply will not occur except as a Democrat ploy. By the requirements of the Constitution and the 14th Amendment, our debt obligations will have to be met first--thus the alleged looming "default" will not happen unless Obama intentionally makes it happen.


After the debt is serviced, then the cutting begins automatically--across the board.

It is this, more than anything else, that has the Democrats in such a panic. They are not concerned about the welfare of the people, they are solely concerned that their well of largess--the largess they use to bribe groups to support them--is about to run dry.

They know that if the debt limit is not raised, then all of their pet programs will be cut and cut substantially.

That's what should happen. It is precisely the intent of the current law-makers' predecessors in having created a debt limit in the first place. Raising it, even under the original conditions Boehner and Cantor set, defeats the whole purpose of having one.  The Boehner proposition was flawed from the beginning.  The "I will not raise the debt ceiling until we have cuts at least equal to the amount it is being raised" argument is a weak argument.

Understand, I admire Boehner for what he has been doing, because at least he is attempting to place some very strong restraints on any further spending, but the truth is, we are spent out.  As Sarah Palin so aptly put it, "the Sugar Daddy has run out of sugar."

It is time for Republicans to stand firm.  Stand or fall on the principles in which you believe.  If the American people want to continue the policies of the liberals and thus bring down our nation's economy and reduce this once proud nation to the status of another Greece or Spain with all the commensurate misery and suffering that will accompany such a fate, then at least Republicans can say that did their best to prevent it from happening.

The facts are clear, more spending and taxing and borrowing will only lead to the further deterioration of our economy and the deconstruction of our nation as it was founded.  Liberals, for all the histrionics and bluster, cannot point to a single instance in history--this nation's or any other nation's in which the principles for which they stand have succeeded.  On the other hand, I can point out any number of occasions on which they have failed and those Republicans are pushing have succeeded.

There should be no negotiations which have the result of raising the limit.  The only thing Republicans should be negotiating is where to cut and how much to cut to bring the national budget in line with the debt limit; nothing more.

Republicans, it's time to fish or cut bait.

Long Live Our American Republic!!!

No comments:

Post a Comment