While reading from the teleprompter in front of the Business Roundtable headquarters in Washington DC, President Obama suggested that raising the National Debt Limit would not increase the Nation’s Debt. Well – actually – he didn’t suggest that. . . He simply said it:
"Now, this debt ceiling -- I just want to remind people in case you haven't been keeping up -- raising the debt ceiling, which has been done over a hundred times, does not increase our debt.”
Um. . . Ok. I mean, well, it has increased our debt every other time it’s been raised. . . So, are we expected to believe that government intends to keep from issuing more debt this time? If that’s the case, why raise the limit? It almost seems like the President is using new Common-Core math standards in his explanation of the debt limit negotiations.
Of course he didn’t always think in such nuanced, and incorrect, ways. Back as a Senator from the great state of Chicago (No. . . That’s not a typo. I consider Chicago its own state.) Obama complained about having to vote for an increase in the National Debt to over $8 trillion dollars. Roughly $9 trillion dollars later our creditors might be wishing that anonymous senator from Chicago had remained anonymous.
The President then spilled into the often repeated line that raising the debt is merely a matter of paying the “bills that you've already racked up”. The line, however, was accented nicely with a condescending tone, and verbally directed at Congress – as if Obama has merely been a spectator to Washington’s drunken spending spree. It should also be added that our bills are largely a function of our spending habits. . . If anything, a need to increase our National Debt should illustrate our desperate need to reign in government spending. If banks treated personal credit cards the same way the White House wants Congress to treat the National Debt, Lehman Brothers would have been the least of our worries in 2009.
Then came another partisan moment of demagoguery from our Campaigner in Chief as he explained to the Roundtable that “what we now have is an ideological fight that's been mounted in the House of Representatives that says, we're not going to pass a budget and we will threaten a government shutdown unless we repeal the Affordable Care Act.”
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for October 31st, 2014 | John Ransom
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