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DENNIS PATRICK: DEBT CEILING CANARD—AGAIN |
Debt ceiling time rolls around again with all the drama of a Greek tragedy. And the media cabal offers a mesmerizing kaleidoscope of confusing factoids and disinformation.
The discussion focuses on raising the debt limit as if it were the self-evident responsible thing to do. Politicians keep emphasizing America must “honor its obligation.” This would be like a long-term heroin addict lecturing his suppliers that the responsible thing is to keep giving him heroin. Advocates of big spending in both parties (but especially Democrats) get away with implying that THEY are the morally and fiscally responsible ones by proposing raising the debt limit. But raising the debt limit is like raising the limit on a long-since maxed out credit card. If you knew somebody who makes $50,000 a year and had $700,000 racked up on his credit card, would you tell him that the responsible thing is to raise his credit card limit — immediately?
America must “honor its obligations?” We’re talking DEBT here. Isn’t the way to honor your debt obligation to simply start paying it off? And how is it you start paying it off by deeming an arbitrary increase in the amount you allow yourself to borrow? That’s insanity!
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