How our Congressman and Senators
Should Have Voted on the Debt Ceiling Issue
To raise or not raise the debt ceiling has been debated and voted upon in Congress, but now "blame" for its results is being placed on all parties. Congress and the people are confused. Is there a clear answer as to the consequences of raising or not raising which makes sense? I believe there is.
The major arguments FOR raising the debt ceiling were as follows:
- It will "keep the government running," Government employees will continue to get paid and programs and entitlements will continue without confusion or interruption
- The credit rating of the Federal government would be stabilized and strengthened. (Clearly a false premise. How many of us will borrow more money with an expectation of receiving a better credit score?)
- Failure to raise the debt ceiling would force the Federal government to lay off thousands of Federal Employees, which will increase unemployment
- Failure of the federal government to pay some of its expenses and entitlements will have harmful economic and social results.
To promote their desire to raise the debt ceiling, the President and some in Congress have used exaggerations and fear tactics in regard to the results of not raising the debt ceiling, including the threat of our soldiers not being paid and social security checks not going out. However, logic and accounting dictate otherwise.
The major arguments AGAINST raising the debt ceiling were
- It is morally repugnant to have future generations pay for the benefits and entitlements of the current generation.
- Continual increase in debt will only tend to deteriorate U.S. credit ratings.
- The printing of money to pay for current and expanding levels of debt, governmental operations and entitlements will lead to an increase in the money supply and therefore rampant inflation and collapse of the dollar.
- With debt increasing at a rate greater than the rate of growth in private industry, the economic power of the private sector will eventually be insufficient to pay for its own government. Lenders, domestic and foreign, fearing this insufficiency, will demand higher interest rates, compounding both expenditures and debt. This will lead to governmental and economic collapse and therefore extreme public discontent and chaos.
Congress and the President, by passing the debt ceiling, have, in their eyes, chosen the path of least resistance. A politically convenient path. Comfortably, NEITHER will have to select programs to eliminate, or agencies or entitlements to cut.
However, more importantly, those who voted AGAINST have chosen a path of short tem economic and social DISCOMFORT. Those who voted FOR the debt ceiling increase have chosen the path toward our certain economic COLLAPSE.
Houston, TX 77095