Debt Ceiling Talks Collapse
Politics as Usual
The President spoke at 6pm tonight and mentioned the debt ceiling negotiations had stopped. The USA has decided not to raise the debt ceiling at least for the time being. The fall out from this is three fold, one the USA's credits rating will drop, two the poor and middle class will be taxed at even higher rates and three the disabled and elderly, who are already going without food and medicine trying to survive, will loss their only income which is social security.
I have written about this possibility in other articles and it is a distinct possibility that the USA will default on the interest payments to China thus freezing up the USA's ability to borrow money. I will refer you to the article I wrote called "Throw the Bums Out" for you to place your hostilities to in the future.
But who do we blame for this economic collapse and this complete irresponsibility? Well I would blame generations upon generations of DC insiders who milk the system for all it is worth.
What is clear is the election season has started. And the posturing couldn't be clearer.
Do I really believe the USA will default? No. Bu it will be interesting how they shape the simple fact that DC is borrowing money not to only to pay the USA citizens but also to pay for their own salaries as well.
Somehow DC doesn't ever mention that fact. but it time they took responsibility.
Do you think the Debt Ceiling will be raised?See results without voting
Politics as Usual
Do you think this is politics as usual in Washington, DC?See results without voting
Presidential Election Season
Do you think all the politics is posturing for the 2012 Presidential Election?See results without voting
In closing I would like to state when I originally wrote about the debt ceiling I received some negative feedback. I am certain I am not the first nor the last author to endure that. Basically, I was told that USA would never consider defaulting on the debt ceiling and now here we are several months later considering just that. I do believe this will be resolved but for only the next 18 months and then Congress will be faced with this exact same problem all over again.
Personally, I agree with raising the debt ceiling. Raise it up as high as the sky. The more money borrowed the better. But when Congress starts lecturing The People of the United States of America about fiscal conservation they need to start with taking a pay deduction since approximately 6.5 BILLION dollars of debt every year is generated to pay Congress ( and this year Congress gave itself a 5% pay raise) and that doesn't include all thier perks!!! Congress increased its own pay by 325 million dollars in a year when unemployement is sky high and the average person is struggling just to feed their children.
Maybe they can raise the debt ceiling so high the economy recovers and the average person can have prosperity for which this country is founded.
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