I figure we all have a dog in this fight over raising the federal debt limit.
Figuratively speaking, grandma’s worried if she’s going to get her Social Security check next month; Uncle Bill’s military pension is on the line; good thing Aunt Sally had that knee replacement last fall; and Nancy, sorry, but no food stamps this month.
If you are so lucky not to depend on the goodness of Social Security, Medicare, Medicaid, or the Armed Services — then just wait. Your turn is coming. If the United States defaults on its credit obligations, it will be forced to cut almost 40 percent of its overall budget. First to be hit will be any and all jobs and programs that receive federal funding.
The panic of the last month, especially, has infuriated the general public. Right now our hands are tied in righting this wreck of a Congress that has the responsibility of the “power of the purse” under Article I of the Constitution. Seems some would rather dump the whole mess in the president’s lap, making one man, instead of 535 elected representatives, determine our country’s future.
The trouble with that scenario is that it sends a very bad message to our investors here and abroad. The markets need to see that the United States is stable — both politically and economically. Otherwise, investors will look for a safer place.
SORRY, but it’s too late to say “no” to raising the debt ceiling. Congress has already committed the expenditures; now it’s up to them to pay the bill. I like the analogy of a dad who is angry with his spendthrift son who’s racked up a big bill on a credit card he has given him. “I’m not going to pay this!” shouts the dad. That response prompts American Express to sue him for the payment, which wrecks his credit rating, which eliminates him from being able to refinance his home, which would have saved him thousands. Penny wise, pound foolish.
The United States has been on this trajectory for 50 years, but especially so this last 10, where the debt limit has been raised from $5.95 trillion to today’s $14.29 trillion.
During George W. Bush’s two terms, the debt limit was increased by 75 percent through 19 separate votes. Tax cuts slashed necessary revenue; the wars in Iraq and Afghanistan were unfunded, as was the expensive prescription drug benefit program. Where was the outrage in May 2003 when the debt limit was raised immediately after passing $350 billion in tax cuts for the wealthy?
In his efforts to pull the country out of the Great Recession, Obama encouraged even more government spending to secure more jobs and benefits. It’s had limited success, in part due to a greater global malaise but also to an intransigent Congress that refuses to compromise for the greater good of the country.
Congress needs to chart a course of reducing the deficit and eventual balancing of the budget. This means no special interest carve-outs in the tax codes, no earmarks in appropriation bills, no breaks for the wealthy, no more unfunded wars or large-scale programs.
Pay the damn bill; then tear up the credit cards.
Susan Lynn
Register Editor
