Let's cut the crap about the Debt Ceiling, the national debt, and annual budget deficits.
Whether or not the United States raises the debt ceiling for more unbacked, unfunded spending, this country must start saving more than it spends, period.
As Senator Tom Coburn (R-Oklahmoa) mention in a recent news conference, to do nothing is a tax increase.
Fine, if the Democrats want revenue increases, so be it. Let them close the loopholes which protect certain companies. A free market economy may not play favorites with certain industries, no matter how crucial the commodity.
Stop corporate and elite welfare. Cut off all subsidies to farmers, which do not help small land-holders one bit. Right there Congress would slash billions from the federal budget without harming a core constituency.
Yet looking beyond the necessary cuts which need to be made, what will happen if the United States, heaven forbid, fails to raise the dreaded Debt Ceiling?
Interest rates will go up. They should. Easy credit creating speculative bubbles–that is what created the Great Recession in the first place.
Welfare recipients, social security beneficiaries, and veterans will not receive their handouts. That would actually be a good things. Since when have we developed the fuzzy notion that it is a good thing to live off the governtment's dole? You work, you get paid. You should not get paid for not working, no matter what profession calling you took up before your declining years.
Instead of merely raising the Debt Ceiling, let's raise the Roof on the political back-and-forth which will never yield a neat solution to the real budget crisis afflicting this nationm: an unconscionable inflow-outgo spending problem.