There's a chance that we'll find ourselves again facing the "N" word. The House has the chance to apply a "Nuclear Option" reminiscent of the nuclear option advanced in the face of a Senate minority that obstructed the majority in the Senate from confirming judicial appointments during the Bush Administration (43).
The last Congress has put us into a place where the legal limits or our nation's debt must be increased to meet the debt requirements of those congressional actions. The debt ceiling must be increased, or the Nation won't be able to meet its commitments.
I'm going to offer you a simple statement; you can't s(*t money. It has to come from somewhere. For years--decades--we've lived in a world where there will always be enough money. My mom and dad don't understand where this type of thinking came from. They lived during the Great Depression. There is an end to money. When there is no more, there simply is no more. For decades, since the Johnson Administration, there's been a belief that we can simply tax the rich in order to pay for the choices our congresses have made. It took Ronald Reagan to fix that mis-belief. And yes, he drove our economy against the wall with deficit spending. Until the foot was taken off the accelerator of increasing debt.
If Congress fails to increase the debt ceiling, there will be chaos. Uncharted territory. You and I will be okay, since our currency will still be operational. The costs of bread, electricity, most of the things that you and I need for our day-to-day, won't change as a result. What will change is our ability to shift our debts to foreign investors. The gravy train will have arrived at the station. There will be no more free rides. We'll become a cash basis economy.
Living with fiat currency, you expect sound fiscal and sound monetary policies. The last four years--since the Democrats gained control of the House and Senate--have allowed us to experience the most profligate expenditures in the history of our nation. Unparalleled. Simply, never before have our expenditures outstripped our economy's growth, or our revenue stream based upon taxation. Ever.
The Democrats have put us in a place we've never been before. We've watched as children have taken to the streets in France and Greece, complaining about tuition fees. We've watched as union workers in France, Germany and England have refused to pick up garbage. Or mine for coal. Or work.
We're at our crisis moment now. Do we want to be more like England? France? Germany? Greece? Spain? Portugal?
Hell no.
We're Americans. Let's deal with this today.
Want an extension on debt ceilings? Agree to a repeal of Obamacare. Simple. Do the right thing, and we'll do the right thing. Oh, and by the way, the economy will be fixed by year's end. All except the housing thing, just because the way we're dealing with our housing problem right now is extending the problem, on attenuating the problem. Funny. You'd think "policy makers" would understand the effects of their policies. (But they can't do the math. What were you thinking?)
The new Nuclear Option.
I hope they do it.
1 hour ago
