Saturday, January 8, 2011

Time To Stop

You may have heard talk lately about the "US Debt Ceiling". Just in case you don't know; the Second Liberty Bond Act of 1917 established a statutory limit on federal debt. Congress had previously approved each debt issuance separately. The debt limit provided the U.S. Treasury with more leeway in the administration of debt, allowing for modern management techniques in government finance. The Treasury has been granted authority by Congress to issue such debt as was needed to fund government operations as long as the total debt (excepting some small special classes) does not exceed a stated ceiling. Currently we are it $14.015 trillion and rising one million dollars every twenty three seconds or so. The ceiling is $14.294 trillion, so as you can tell we are coming up on it fast, you can watch here, it's quite depressing. Congress has raised the ceiling every time we have come to it, matter of fact we have more than doubled the ceiling in the last ten years.

Now we have never actually hit the ceiling, thanks to the steady raising's, but it is my opinion that it is time to stop. No one knows what exactly will happen when the time comes (sometime in march btw) but it probably won't be good. So yeah I hear you asking "Then why not just raise it again, if not won't be 'good'?" Short answer is we can't afford it. Even if the consequences are severe, and they probably will be, our children's children will already be saddled with our debt at this rate. Sure we could push off the impending punishment, but do our kids deserve it? Personally I might say yes, but I have no kids of my own and all and all don't like kids. But it's the big picture I am talking about here. 

We made this mess, with Dumb, Dumber and Dumbest... I mean Clinton, Bush and Obama, who we elected, the fault lies with us and we need to take responsibility for it. Yes it will suck (technical term) but this is what I have been saying for a long time now. Tightening the belts and taking responsibility. Times will be tough and things will get lean (most of us could use to lose a few lbs. anyway), but if we stand together and trust the system that our Founding Fathers built on that foundation of God given rights, we will pull through and be stronger for it.

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