Brummett:We must increase debt ceiling or disaster will occur (Part 1) (Royal Wedding Part 2)

John Brummett in his article “Dear visa, my debt ceiling is capped,” April 25, 2011, Arkansas News Bureau, he observes:

The first thing I intend to do is join the tea party. Then I’m going to refuse to raise my debt limit. Then I’m going to call the Visa people.

“Y’all have me down here owing $6,000,” I’m going to say. “But I’ve become a fiscal conservative. I’m getting really disciplined fiscally. I’m taking my household back.

“My self-imposed debt ceiling is $4,000. I’ve opted not to raise it. Nary a cent. I only went over it because the oral surgeon demanded immediate payment.

“So $4,000 is the most you rascals will get out of me. You may as well quit compounding the interest on this outstanding balance. I am serious about this. You may consider this baby capped at four grand.

“Oh, by the way: Don’t even think about canceling this card. I have a second round of dental work coming up and the oral surgeon doesn’t give these implants away.

“Thank you, and remember: Vote Palin-Bachmann.”

You are thinking this is absurd. You are right, of course.

But you are not intellectually entitled to call it absurd if you are among the seven in 10 Americans telling pollsters you don’t want the federal government’s debt ceiling raised. You are not intellectually entitled if you are one of these right-wing politicians pandering to this tea-drunken grandstand by threatening to vote not to raise it.

Here is how real fiscal responsibility works: You repay the debt that you have incurred to date. You make spending reductions prospectively by showing sufficient discipline to reduce the future pace at which you incur debt. You dare not let your existing debt go unpaid lest your credit score suffer and you get denied the next time you find yourself in a bit of a pinch and need to finance a refrigerator at Sears.

Jeffrey Scribner wrote the excellent article “Let’s not increase the Debt Ceiling,” www.LewRockwell.com, April 22, 2011. Here is a portion of that article:

Nero fiddled while Rome burned. The President and the Congress are playing political games while the national debt grows to out of control proportions. We should hold the government’s feet to the fire and force an end to spending using borrowed money. An opportunity to do this will arise in a month or so.

In April, almost seven months after the start of the fiscal year, Congress finally passed the FY 2011 Federal Budget, nominally $38 Billion (about one percent) less than the proposal by the President. Two things are significant here. The first is that this is the first budget for FY 2011. Congress has spent money from the beginning of FY 2011 (01 October 2010) until mid April by “continuing resolution” in the absence of any budget. The second important point is that the 2011 budget, with the aforementioned $38 Billion reduction, spends more money than was spent in 2010. It is still in deficit. It has been adding to the national debt all year through continuing resolution and will continue to add to the debt for the rest of the year via the budget that was finally passed.

The House of Representatives has also passed a “Budget Blueprint” prepared by Congressman Paul Ryan, Chairman of the House Budget Committee. If all spending and receipts outlined in this document are implemented by the House and Senate and are then signed by the president, spending will be reduced by about six trillion dollars and the deficit will be reduced by about four trillion dollars over ten years. Do you really believe that this will happen? Even if it does, the Federal Government will continue to run deficits and add to the national debt for the next ten years, albeit at a slower rate than the present.

 

 

What does this tell you about the difficulty in reining in the runaway spending that has become the habit of Congress? It tells me that something a lot more drastic has to be done to get a grip on Federal spending and to stop adding to the debt immediately.

______________________________________________

Kate and William Interview Part 2

In 1981 I got up early in the morning to watch the Royal Wedding live. Now that I have the ability to tape it, I may just record it and watch it later. Here is a clip from the 1981 wedding.

Part 2

 
photo

Royal wedding 1981

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