America's coming collapse Last Updated: 12:54 AM, January 4, 2011 Posted: 10:23 PM, January 3, 2011
White House Council of Economic Ad visers Chairman Austan Goolsbee is warning of cataclysmic results if the new Republican House majority holds back on raising the nation's debt limit.
"I don't see why anybody's playing chicken with the debt ceiling," he says. "If we get to the point where we damage the full faith and credit of the United States, that would be the first default in history caused purely by insanity."
Blah, blah, blah.
Or, taken another way, a collapse is coming -- but what kind of collapse?
Not raising the debt ceiling could cause a default. But so, eventually, will trillions in new borrowing every year.
The national debt today sits at $13.9 trillion and could hit the $14.3 trillion ceiling -- approved just last February -- as early as this summer.
The GOP insists on serious spending cuts before the ceiling is raised again.
The national debt today sits at $13.9 trillion and could hit the $14.3 trillion ceiling -- approved just last February -- as early as this summer.
It appears it doesn't have that far to go and will likely hit that ceiling long before "summer"
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The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.
It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.
It's been a big party in Congress for the last two years, they couldn't spend our money fast enough. It's time to REDUCE spending immediately by eliminating programs, defunding this crazy health care bill that's costing us a fortune, eliminating earmarks on BOTH sides of the aisle (without just turning to lip service during an election year) and putting congress on a budget that they have to stick to - just as ordinary citizens must stick to their budget. Take away the federal teet, cut up the congressional plastic and get to work.
Republicans - do you hear the people yet? You've got two years - or you'll be out on your asses just like the Democrats were this year.
While a very good start MobileTerminal stated we can go so much farther eliminating government waste. There is no reason why we can't cut whole agencies which have been proven to fail, DHS is one fairly new one which is a complete failure. Republicans are also going to have to look at military waste and foreign spending if they wish to be taken seriously. Our foreign policies alone are costing close to 1 trillion dollars a year, foreign aid we give is money that we borrowed from China, does that make sense.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
While a very good start MobileTerminal stated we can go so much farther eliminating government waste. There is no reason why we can't cut whole agencies which have been proven to fail, DHS is one fairly new one which is a complete failure. Republicans are also going to have to look at military waste and foreign spending if they wish to be taken seriously. Our foreign policies alone are costing close to 1 trillion dollars a year, foreign aid we give is money that we borrowed from China, does that make sense.
If the government passed a 10% flat tax we could get rid of the IRS as well.
Another redundant agency is the Education Department. Education is a State responsibility. Funding for Obamacare will be totally cut. The REPS will hit the ground running. First order of business reading the entire Constitution in the House Chamber. It might be the first time many of them have heard it.
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Another redundant agency is the Education Department. Education is a State responsibility. Funding for Obamacare will be totally cut. The REPS will hit the ground running. First order of business reading the entire Constitution in the House Chamber. It might be the first time many of them have heard it.
