Dr. Dan UpdatesFederal Reserve / Economy

Where Were You When They Raised the Debt Ceiling (Part Two)

In an earlier post on the debt ceiling, I asked if you could recall where you were when a “sentinel event” such as the bombing of Perl Harbor, assassination of JFK or the terrorist attacks of 9-11 occurred.  These incidents had a profound effect on life in America, for both our national psyche and for each of us personally.

On August 2, 2011, without any significant cuts in the level of federal spending, the Senate voted by a wide margin in favor of a bill already passed by the House to raise the debt ceiling.  A modern day sentinel event . . . . Where were you?

Not many were surprised when the credit rating of our country was subsequently downgraded.  Who wouldn’t question the creditworthiness of a business that had to borrow funds to meet its weekly accounts payable at the same time it was sponsoring all-expense-paid employee and management conferences at a five star resort in the Swiss Alps?   What financial institution wouldn’t be hesitant to loan additional money to a person or entity whose debts equaled the size of their gross yearly income?  It is amazing that a downgrade didn’t happen months ago to an even lower level than our current rating of AA+.

Where were you when, at the direction of the Obama administration, the Progressives in Congress and their sycophants in the media obediently linked failing to raise the Debt Ceiling to certain “Default” with catastrophic consequences?  We heard them say over and over again . . . Only 14 days to default . . . eight days to default . . .three days to default . . . two hours to default.  It was as if we were watching a horse race instead of a diabolically orchestrated ruse to placate and distract citizens who are otherwise oblivious to the economic disaster that awaits our nation.

Where were you when, out of cowardice, malice, ignorance, and/or reelection concerns, Congress abdicated its authority by failing to remove and destroy the government’s credit card?  Republicans in Congress had the unique opportunity to just say “NO” to deficit spending and force a return to fiscal responsibility, a basic tenet of conservative philosophy and economic sanity.  Unfortunately, we witnessed capitulation instead of courage.  Now the wolves of the world, China, Russia, and associated opportunists, salivate with resurgent vigor waiting to devour what they hope will be the carcass of a weakened America.

Although government revenue estimates vary, it is clear that the monthly income of the federal government would have been sufficient to cover the interest on the public debt, military salaries, Social Security, Medicare, and Medicaid payments with additional funds left over for discretionary items on a prioritized basis.  Under similar circumstances, any responsible family would allocate funds first for debt obligation and necessities, delaying discretionary expenditures for better days (a Caribbean cruise is definitely not on the list).

Pain is a necessary component of reformation.  Our founding fathers bravely accepted the pain of present circumstance to spare future generations a worse fate . . . our country is hanging by a thread over a financial abyss . . . and Obama and his Progressive minions are running toward it with scissors in hand.

Trust in Freedom

Dr. Dan Eichenbaum

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Cart Summary

    Product Price Quantity Total

Cart totals

Subtotal $0.00
Tax $0.00
Total $0.00