I’ve been studying what I can about the economy and where the U.S. is, and I believe that we are in for big trouble. The Tea Party, which did not want to increase the debt ceiling without real, concrete, serious cuts in spending, is right.
This most recent extension of the credit ceiling did not accomplish nearly enough. In fact, it is really only a decrease in the rate of increase of borrowing. We will be more in debt next year than we are now.
Obama is now free to spend another few trillion dollars of borrowed money; and we already know, from bitter experience, that his Keynesian economic theory is a fail. It seems pretty much everybody but the liberals can grasp this.
So we’ve given the spending junkie another credit card. This will not solve the problem, any more than the last 14 trillion did.
There will be repercussions, and unfortunately, we will all feel them. When the inevitable fail comes, let us all remember how this happened – who wanted it, and who allowed it, both individually and by political beliefs. We need to learn from history – and current events – so that we can try to make sure it doesn’t happen again. Assuming we survive the experience.
Any adult that runs a check book and has an income can tell you that you cannot indefinitely spend more than you have coming in. Only an idiot would set up a budget that perpetuates it – and that is what our government has done.