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Debt Ceiling Jobs Stock Market fall what is next
This debt ceiling business was all smoke and mirrors, and dates back to the Nixon administration. It happened quietly and behind the scenes 78 times, as recently as Jan 2010. Obama did that quietly last year, because everybody in Congress at the time just considered it status quo. But the Taxed Enough Already folks put some new blood into the game last November, which is why Congress made such a hoopla of it this year.
But the reason all that hoopla was smoke and mirrors, is that the it isn't actually the concept of a debt ceiling that is being called into question. The real concern is how we got to this point. The Federal government has simply grown into an animal that we can't afford to feed anymore. The solution is to shrink government and cut spending, NOT simply "raise the debt ceiling" so that we can buy more food for the Federal monster. That said, there are plenty of individual states that need desperately to start an effective diet, but this initiative most certainly needs to start at the top.
And further to the smoke and mirrors analogy, the media for the most part focused on the dog and pony show surrounding the mechanics of raising the debt ceiling. In my mind, they should instead have been addressing the reasons for having gotten to the point where we have to borrow trillions more just to pay the interest on a burgeoning national debt.
Classic misdirection: watch my mouth, because I don't want you to see what my hands are doing. Credit agencies like Moodys and S&P however, see through the smoke and mirrors. Rather than be distracted by the misdirection, they lowered America's credit rating NOT because of the physical act of raising the debt limit - but because of relentlessly poor financial management that actually leads to a need to raise the damn thing. If there was a balanced budget amendment in place, there wouldn't even BE such a thing as a debt ceiling in the first place.
//greg//
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Debt Ceiling Jobs Stock Market fall what is next
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I am thankful the S&P took the action they did.
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And right on cue, most of the media picked up the administration spin line and began perpetuating it. Rather than put the blame for the downgrade where it belongs - at the feet of those who mismanaged our finances - they're spinning the issue so as to actually lay fault with those that tried to draw attention to the out of control spending that precipitated yet another debt ceiling increase.
//greg//
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