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COMMENTARY

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Commentary

Jan
30

Debt Ceiling Debate: Irresponsible to raise or not to raise?

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President Obama has said that it is irresponsible to not raise the debt ceiling and, as a consequence, to not pay our bills as a nation.  He goes on to add that raising the debt ceiling is to cover spending that Congress has already approved, hinting, as appearances go, that somehow this is all Congress’ fault.

First of all, as the facts go, the President has done his share in increasing debt in our nation.  In fact, he, along with his support in Congress, has roughly added the same amount of debt to the tally as our previous President but in half the time!

Second, he is stating the obvious in such a way as to make people believe it justifies the necessity of raising the debt ceiling.  Of course (!) you need to raise the debt ceiling for spending that has already been approved one way or another! That is always the case.

One big question to interject here is if President Obama thinks it is irresponsible to not raise the debt ceiling, why was he opposed to raising it when he was a Senator?

Here is another question.  What is more irresponsible, to increase your limit on your credit card so you can go on paying bills with money you don’t actually have, or to take what is popularly termed these days as austerity measures?  To take such measures means to simply find a way to live within your means, make serious adjustments or to work with creditors to restructure payments while you are also restructuring your budget.  Is it not more irresponsible to keep on raising your credit limit until the inevitable financial crash of far worse proportions happens?

Many people do not realize that one of the main components to the economic philosophy of the liberal/progressive/democratic political machine is something called deficit spending.  This is a term connected to the overall philosophy of Keynesian economics.  It actually endorses borrowing money and creating debt as the main economic driver!

How important it is to sort through the political rhetoric these days.  The bottom line is this:  If we as individual Americans know how important it is to live within our means, should we not expect the same from our government?  In the Old Testament book of Habakkuk it states, “Woe to him who increases what is not his-for how long-and makes himself rich with loans?  Will not your creditors rise up suddenly, and those who collect from you awaken?  Indeed, you will become plunder for them.”  May we heed the wisdom found in this passage of Scripture.

We face consequences if we get in financial trouble, and we need to hold our government accountable to the same standard before it is too late…and we all have to pay a price far worse than anything we could have imagined.

The good news is there is still hope and there is still time…if we make the necessary adjustments now!

 

 

 

 

 

 

 

 

 

 

 

 

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