Don’t Buy It: The Sky Won’t Fall If We Don’t Raise the Debt Ceiling
We’re being prepped here for another calamity, apocalypse just like they did with TARP and the auto companies and everything else — and it will probably work. They tried it with the government shutdown. But the debt ceiling is just a de facto Balanced Budget Amendment, is what it is. The debt ceiling says, “You can’t borrow any more than this.” That means the government has to live within that level of debt. Well, to a lot of people, it’s plenty high. It’s plenty high enough for us to be able to live with — and, of course, at some point we are going to have to stop this. Everybody talking about this has got to realize that it’s not just words. At some point there has to be some actual realistic behavior associated with the words here.
But even if, even if this was in default that you asked me about which results in our inability to borrow any more money, that still is months away from not lifting the debt ceiling. It’s simply… It’s not something imminent. There is no apocalypse here. There was no apocalypse with TARP. There was no, “My gosh, we gotta act in 24 hours or the whole world financial system will collapse!” That’s the way they get what they want. It’s the way they’ve been operating — well, the Democrats, forever, but in the recent context — the last three to four years.
That’s how we’ve ended up where we are is being told that we’ve got to allow — stand by and let — this outrageous emergency spending take place, otherwise it’s all over for all of us. When it was not going to be all over. There was no apocalypse for not bailing out GM. Speaking of bailing out GM, now Obama’s selling GM stock at an $11 billion loss to the taxpayers. He’s getting that out of the way before the reelection campaign starts. You know, every state has to live within its budget. They can’t print money, and if it gets so bad that people won’t lend the state any money, what happens to the state? They keep functioning. There’s no reason to be talked into a panic over this.
The sky’s gonna still be blue if we don’t raise the debt ceiling.