THE NEXT SIX MONTHS « The Burning Platform

The debt apologist Stuck cites qualified two of his points with “bondholders”. The debt ceiling really isn’t the issue, it’s the government’s ability to borrow. If the bondholders indeed “let it ride,” then turning over $500B by August 31 in maturing treasuries is no big deal. Republicans playing brinksmanship is like the scene from one movie, where the character puts a gun to his head, and says, “stop, or I’ll shoot.” Neither party has a plan to eliminate the deficit.

The other point in the article is pure nonsense, saying the national debt amounts to $47,000 is assuming every American owns an equal share of capital. It’s more applicable to speak of the national debt in terms of national net worth, which could be as high as 50%.

Exponentially increasing deficits assures we’ll be bankrupt as a nation. There is no way today, to pay for the unfunded entitlement obligations of the post world war II generation. If or when the government loses it’s ability to borrow money, and this is the “disastrous consequences” eluded to by Geithner if the debt ceiling isn’t raised, the government would simply stop making transfer payments to individuals, and those who have come to depend on the federal government for their monthly check, whether it be federal retirees, social security beneficiaries, the states in the form of medicare payments, or the military industrial complex, would find themselves with no income.

Everything else would resume pretty much as normal, except that the federal government has become insidious in nature, and pervasive, but make no mistake, it’s a cancer by definition, having taken on a life of it’s own, and it must be beaten back. When it takes over the body, the patient is dead, and it will go looking for another host. I prefer the scenario where we the people take control back, from the zombie government, regulate banks, declare debt amnesty, tax the rich and poor, and generally put this country on sound financial footing, although neither party in Congress has the will.

God says, if a man doesn’t work, neither should he eat. There’s going to be a lot of people starving if we don’t end this charade of socialism, and put an end to the welfare state, once and for all.

THE NEXT SIX MONTHS « The Burning Platform