As Congress continues to be unable to pass a comprehensive budget with necessary cuts and revenue increases, the American people seem to fear: What will happen if the nation defaults on its debt?
Economists have guessed. Senators have scolded. People still pace in fear.
Legislators are calling the President's bluff. Even if Congress does not raise the debt ceiling by August 2, they argue, the United States is still obligated to pay certain bills, like social security. By law the government must pass out certain handouts, no questions asked.
So Congress fails to raise the debt ceiling. . .what will happened?
Government will simply have to live within its means. Just as households across the country are cutting spending because they do not take in as much revenue as before, so local, state, and federal agencies must bear the responsible burden of letting go of pet projects, meandering entitlement programs, and the incessant hemorrhaging of resources which is undermining this nation.
If the politicians were not willing to make the cost-cutting decisions before, now they have no choice. Just like the Government shut-down in 1995 only harmed a few agencies across Washington D.C., a federal government that is unable to pay its bills will only foster more freedom for the millions in this country who have paid their bills and managed their debt.
Rather than living in fear, consumers and creditors in the United States should look forward to a future where less of their money gets sucked up into the Big Government Leviathan. Because this monster is so lethargic and inept, we only have to fear the length of time it will take before the Federal Government begins shutting itself down and being forced into its proper constitutional limits.
Fear not, overburdened tax-payers. If you have invested your time and fortunes properly, you have nothing to fear from other government agencies which have refused to manage their affairs.