Brummett:We must increase debt ceiling or disaster will occur (Part 2) (Royal Wedding Part 4)

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

Nine times in the last decade the federal government has crept near its debt ceiling and Congress has voted to raise it.

Tea party types say they intend this time to tie their votes to raise the debt limit to actual and concurrent spending reductions.

But this is no equation. You absolutely owe your debt. Quite separately, it’s up to your future behavior whether you can fashion spending reductions to gain control of tomorrow’s debt so that you don’t have to keep dealing with these kinds of untenable financial and political situations.

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:

It so happens that there are just about enough votes in the current House of Representatives to prevent an increase in the debt ceiling. If the debt ceiling is not increased, there will be bigger spending cuts in the 2011 budget and the 2012 budget and every budget after that because we are very close to the debt ceiling. If the debt ceiling is not increased, money cannot be spent that would raise the debt over that ceiling. Deficit spending would end immediately. Congress will be finally forced, at least for a little while, to allocate austerity rather than funding their favorite expenditure with borrowed money.

The voters could then decide whether to re-elect those who voted to increase the debt ceiling or those who tried to be responsible and voted not to. Some people are saying that failure to raise the debt ceiling will cause a catastrophe. If that happens, the voters can consider it. What if there is no catastrophe – just a lot less spending? The voters can consider that, too. Some big spenders are claiming that failure to increase the debt ceiling will cause a recession. We have managed to get into a recession and sustain it while adding to the debt every minute. Deficit spending has not prevented a recession. Moreover, there is reason to believe that not extending the debt limit will actually be good for the economy. Government spending will be curtailed. Some government services will also be curtailed. This provides fertile ground for more free enterprise solutions, more little companies, more employment in the private sector and more GDP growth. Why should we believe those who say increase the debt ceiling or suffer a recession?

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Prince William and Kate Middleton were interviewed by ITV’s Tom Bradby shortly after they announced their engagement. Erica Hill speaks with Bradby about how the royal couple is coping with the global attention.

JULY 29, 1981: The scene at the High Altar in St. Paul's Cathedral during the marriage of Prince Charles and Lady Diana Spencer.
 
Associated Press

JULY 29, 1981: The scene at the High Altar in St. Paul’s Cathedral during the marriage of Prince Charles and Lady Diana Spencer.

Part 4

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