When Progressive Democratic Socialist DemonRats say that raising the debt ceiling does not increase our debt here is what they mean.
Congress has a credit card and the limit on that credit card is $10,000. The current balance on that credit card is $00.00 as of October 1, 2013. Let us say the current cost of “government” is $5,000 so Congress charges that amount on their credit card. A few months go by and suddenly Congress decides to implement a new social program and that program costs $5,000 and they put that on the credit card. In September, Congress decides to implement another social program, and that program costs $10,000 and that is added to their credit card.
The credit card is now $10,000 over the credit limit therefore, Congress goes to the “bank,” which also happens to be Congress, and asks the “bank” to raise the credit limit to $20,000. The credit limit is increased to $20,000 and a new cycle of spending begins. The cost of operating “government” is now $20,000 but congress only has enough money to pay off $5,000, which is applied to the credit card. The credit card now has an outstanding balance of $15,000.
Several months go by when Congress decides to implement another warm and fuzzy social program and the cost of that program is $15,000 so they whip out their credit card. The credit card is now over the credit limit by $30,000. Suddenly, world tensions flare and the president decides to ramp up military operations. The cost of that adds $10,000 to the credit card. Meanwhile, Congress discovered a new whiz-bang new social program that the US peasants must have. The cost of the whiz-bang program is $100,000 and those costs are placed on the credit card.
The balance of the credit card at this point is now $140,000. That is ok though, because Congress goes to the “bank”, which also happens to be Congress, and asks the “bank” to raise the credit limit to $140,000. Government makes a payment on the credit card of $20,000 (taxes went up) keeping an outstanding balance of $120,000.
Today, the credit card has an outstanding balance of nearly $17 trillion. Now add the additional charges on that credit card to pay for Obamacare, Congress once again exceeded the limit and is now in the process of asking the “bank” to raise the credit limit.
When will this cycle stop?
Reply Cancel reply
SAVE THE OLF PETITION
SAVE THE OLF PETITION
Your first comment to this blog will be delayed before appearing.
After your first comment passes our spam filter and if you use the same name and email address and your posts will automatically be approved.
We do this to stop blog spammers and advertisements not to stifle speech.
Please read our commenting guidelines before commenting!
An event calendar of upcoming conservative events on the Islands. To add an item to this calendar please use the comment form below or contact one of our authors directly.
- Camano Island District 3 Commissioner meetings with Kelly Emerson on December 13, 2013 10:00 AM
- North Whidbey District 3 Commissioner meetings with Kelly Emerson on December 21, 2013 12:00 PM
- Camano Island District 3 Commissioner meetings with Kelly Emerson on January 10, 2014 10:00 AM
Local political sites
Our articles on newspaper censorship from the Whidbey News Times, South Whidbey Record and the Whidbey Examiner
Search Articles on Island Politics
Send a private message to us (Will not appear on blog)
Your message was successfully sent.