Obama and the mainstream media are still at it. Remember the sequester budget cuts last March? According to Obama and his apologists in the media, the sequester was going to tank the economy, but after it went into effect nobody noticed. Then there was the recent government shutdown. According to Obama, Harry Reid, the networks, and the major papers, it would again be an economic Armageddon. But what we really got was government “slowdown.” In fact, at most, seventeen percent was shut down, and life in the country went on. According to Obama, not raising the debt ceiling would have led to a worldwide disaster. I guess he had to save his biggest lie for last. The idea of default, of course, is nonsense. If the debt ceiling is not raised: *** By law, interest must be paid first. *** Per the Constitution, debt must be repaid. *** Treasury bonds as they come due are routinely rolled over to issue new securities, with no net effect on debt. *** And after paying for the military, Social Security, and Medicare benefits, there will still be billions and billions to be spent. But the doomsayers have it exactly backward. Suppose your personal finances were a mess, so you quit adding debt and cut spending. Your credit score would improve. What refusing to raise the debt ceiling does mean is that Obama can’t continue his spending spree on the taxpayers’ dime. He’d have to apply the money that came in to America’s obligations. And there’s plenty of money in the bank for that. Obama and his tax-and-spend pals just really don’t want to let that crimp their style. But no matter, because there will be no default. But we will see spending by Obama’s bureaucrats at the Department of Education, crony loans from the Department of Energy, and silly squandering of money at the Department of Agriculture. While Obama managed to raise the debt ceiling short-term, you and I have a window of opportunity. Between now and January 15 its vital that you and I generate a tidal wave of petitions to demand that our lawmakers refuse to cave. Thanks to the most recent battle, we know specifically which Members of Congress to target, since we saw how the chips fell this last round. And if you and I generate enough pressure, lawmakers will hold the line against Obamas next debt ceiling increase. Or theyll be facing a round of angry voters next election. The sky will not fall. Sincerely, Gary Paumen, President National League of Taxpayers P.S. If you have not already signed your “Just Say No” to debt ceiling increases petition, click here, to do so. If you have already signed, please click here to forward to a friend. And if you can, I hope you will make a special contribution to expand the reach of our “Just Say No” campaign.
Posted on: Mon, 11 Nov 2013 23:02:40 +0000
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