Posted by
Patrick Henry on Friday, April 22, 2011 7:48:31 PM
Much has been written in recent days about the administration's push to have
the nation's debt ceiling raised from the current $14.2 trillion. White House
spokesmen warn of economic Armageddon if conservatives balk at giving
the president a shiny new credit card. Many Americans are confused and
some are afraid. Should congress vote to raise the national debt ceiling. The
answer is decidedly no, and here are some good reasons why.
Until limited by necessity, the current government will continue to spend
the nation into oblivion. The only way that won't happen is if it can't. The
president knows and has admitted that he must make major spending
concessions if he is to get a debt extension, yet he has not lifted a finger to
do so. Instead, he has launched into a bitterly partisan campaign to discredit
those crying out for fiscal sanity. Just like a shopping addict, President Obama
won't stop spending until someone cuts up his credit card.
Raising the debt ceiling without serious and far-reaching fiscal reform is
like stocking your fridge with booze before checking into a rehab center. You
know that when you've gone throught the motions, it will still be there. Does
anyone seriously believe that increasing the debt limit will change the binge
spending habits of big government? This will be a redux of the 2011 budget
compromise in which Obama agreed to the defunding of several of his czars,
then reneged when the deal was passed by using a parlor trick called a
"signing exception." Increasing the spending limit is a bad idea because the
government and the man who heads it have no integrity, no credibility.
Predictions of fiscal and economic catastrophe are lies peddled by "useful
idiots." Numerous writers have explained in detail how life will go on as
usual, government benefits can be paid for the foreseeable future, and by
changing the timing of payments there is no reason whatever for government
to declare an immediate default. (See the piece about Senator Pat Toomey
in today's edition of Tonhall). Crying "wolf" and creating a panic are just
scare tactics to bully congress into an unwise move.
Standard & Poors, the debt rating service has downgraded America to
"poor," meaning that our bonds are no longer the sure and reliable bet they
once were. They have cited the debt\deficit crisis and the fact that they see
no concrete, workable plan in place to address it. If something is not done
soon, a devolution in the nation's credit rating is sure to follow. Does
anyone think that the authorization for additional borrowing by a nation
already swimming in debt will cause Standard & Poors to relent? What
a joke!
The fact that the debt\deficit crisis has come to a head on the current
president's watch is no accident. He has put forward a $3.6 trillion
monstrosity of a budget for 2012, which will require eneomous additional
borrowing and tax increases as well to support. Obama is not entirely to
blame for causing the problem, but he is certainly culpable for knowingly
making it worse and stubbornly refusing efforts to establish fiscal
responsibility in government.
For these reasons, the following steps must be taken. Federal spending
must be reduced below 2008 levels. A long-term, locked-in financial
plan must be passed by congress to guarantee significant deficit
reduction and paying down of the debt over the next 10 years. (And
that doesn't include Obama's typical fuzzy math, smoke and mirrors
tricks like forecasting economic growth at five times the historic
average). America must un-elect a president and congress who insist
on pursuing the nonsensical illusion that a nation can spend its way out
of debt.
Either we must effect the painful and necessary changes, or our
international creditors will do it for us. If, after large and meaningful
reduction in the size of government leaves America with a shortfall
then, and only then should congress consider increasing the debt limit.
If and when that happens, increases shoud be limited to $2.5 billion
increments, and the purpose of the borrowed funds fully explained to
the American people in advance. Until then: JUST DON'T DO IT!