Obama himself opposed a boost in the debt ceiling: The fact that we are here today to debate raising Americas debt limit is a sign of leadership failure, he intoned, a sign that the.S.
It simply allows the country to pay for spending that Congress has already committed.
These are bills that have already been racked up, and we need to pay them.
To keep public debts low and debt ceilings superfluous, radically reduce the welfare state.So are we really going to start paying interest to Chinese who hold Treasury securities and were not going to pay folks their Social Security checks?Those who again threaten to freeze the debt ceiling and libertarian journalists like James Grant actually advise lowering it, in an even more egregious act of fiscal malpractice bonus steuerpflichtig are reversing cause and effect, diverting attention from the root problem, which is the welfare state and.Debt ceiling was adopted in 1917, federal spending has averaged 17 of GDP, while federal debt has averaged 52 of GDP roughly five times the average shares observed during the previous 126 years with no ceiling.Debt service, so as to pay other.S.His implicit answer: If faced with such a cash squeeze and payment dilemma Id instruct the Treasury to not pay interest on foreign-held Treasury bonds.We are not a deadbeat nation.Nothing can more affect national prosperity than a constant and systematic attention to extinguish the present debt and to avoid as much as possibly the incurring of any new debt.Meanwhile, some on the right want less spending, yet advise the.S.He too has been irresponsible.Treasury to violate the rights of public bondholders and unilaterally repudiate its debts, reprising an earlier case.Debt ceiling has been raised 86 times since 1940 a dozen times in the last decade alone to accommodate additional borrowing.We must stabilize our debt and our deficit in a sustainable way for the next decade.Deficit-spending and debts over the past century.Foreigners, we know, hold much.S.Sadly, instead of making the rational (former) choice, opportunists are pushing the usual dishonorable gimmicks.Debt ceiling is a mere derivative of the welfare state; if the latter didnt exist, neither would the former.Now, if the House and the Senate want to give me the authority so that they dont have to take these tough votes, if they want to put the responsibility on me to raise the debt ceiling, Im happy to take.Republicans in Congress have two choices here.The only honorable (and practical) choice is for the Congress to pay its invoices, and thereafter to work hard to reduce the magnitude of its future invoices.
Thus, in a 2006 speech.S.
On the issue of the debt ceiling,.
Salsman is the president of InterMarket Forecasting, Inc., an investment research and advisory firm).
Federal spending and public debt averaged merely 3 and 11 of GDP, respectively.