I am sick of the political posturing by both parties (although, as usual, the Democrats are better at complaining). We are not going to “default on the national debt,” so let’s calm down the rhetoric (“Put an end to hard left’s debt ceiling demagoguery,” Web, Feb. 7).
Current news reports claim the U.S. borrows 30% of every dollar it spends. My income checks reliably deduct for state, local and FICA taxes every month, and these same deductions from all tax-paying citizens and businesses create the income stream accounting for the other 70%.
If there is no further borrowing available (i.e., Congress does not raise the debt ceiling), nothing happens to that income stream. The executive branch will have to “execute” the dollars it receives in a prioritized fashion, which will upset the hucksters no end. If my income were cut next month, I would not immediately cease paying the mortgage; I would quit watching movies, maybe postpone getting a new iPhone or car, and shop more carefully for groceries. On a national level, that means the interest and principal on our debt will be paid, Grandma will still get her Social Security checks and the military will still get paid.
When we have allocated the higher priority of 70% of our planned expenditures, we will have to stop spending money we do not have and now cannot borrow. So when the Georgia contractors ask for checks to start the Michelle Obama hiking trail provided for in the last pork-ulus bill, they may get told to wait a few months.
We are not going to “default on the national debt,” and you should consider very critically the further statements of anyone who says we are.
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