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July 14, 2011

You should support raising the debt ceiling

by beaufou

The government borrows from private investors for everything, from paying federal employees to funding wars to tax refunds; while I may disagree with this system, it is the way things have been functioning since the creation of the Federal Reserve in the early 20th century.
The legal limit on how much money the federal government, the now famous debt ceiling has been reached at $14.3 trillion which means a new ceiling is needed if the government wants to keep paying its employees or simply pay back its creditors – and not default – .
If the new debt ceiling is not voted, credit will freeze, millions of employees will be temporarely out of work, the stock market will crash…in other words it would be a catastrophe of biblical proportion.
The Republicans are the ones playing with fire for political reasons, how ironic that the debt ceiling was raised eight times during the Bush years when spending did not seem to matter so much for the right wingers, who started two wars and gave pharmaceutical companies carte blanche to charge the federal government whatever they wanted to cover Medicare drugs.
As I mentioned in a previous post, this debt ceiling affair is absurdingly idiotic and counter productive.

Read more from economy, politics

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