If nothing is passed to lower government spending and increase the debt ceiling, America will still be America. The only difference will be that the ridiculous debt ceiling that “always” gets raised finally will hold firm and politicians won’t have to wait for a balanced budget amendment. Unless they find a miraculous agreement or claim new federal receipts allow an extension, they’ll be faced with a balanced budget on August 3rd. It’s said that nothing inspires genius like a tight budget! We’ll find out when the blank check is taken away from the free-spending politicians now encamped in Washington.
This President has warned that America may default on our debt and that seniors may not receive their Social Security checks. That will be the President’s choice. There is federal monthly revenue to pay 60% of our obligations. The President is doing his best to create panic while Republicans have been busy passing viable solutions. America is tiring of his incessant blame game and “campaign” speeches filled with empty promises no one trusts. As the CBO has made clear, they “don’t score speeches!”
With apologies to My Fair Lady’s lyricist Alan Jay Lerner, our president’s lack of leadership in the midst of our growing debt crisis has got me singing:
“Words! Words! Words! I'm so sick of words!
You speak words all day through;
To the press, then to us!
Is that all you ever can do?
Don't talk of hope making our day;
If you're to lead, Show me!”
The biggest difference between a vision and a hallucination are the number of people who can see it. Even many who voted for President Obama are restless; the hope and change he promised is turning into a nightmare. In case those closest to him aren’t telling him the truth—“The emperor has no clothes!” He isn’t leading, and his words and promises are no longer working!
But fear not! Like the infamous “Carmageddon” in Southern California, there’ll be no financial “Debtmageddon!” America will not fall apart. Why? The real problem is not the debt ceiling; it’s the exploding debt. President Obama and Democrats are wringing their hands and trying to scare Americans because their spending will have to be curtailed immediately if the debt ceiling is not raised.
Other countries and debt rating agencies are watching to see if we can face the real problem—unchecked deficits and unfunded entitlements we can’t afford. Even if we raise the debt ceiling, they’ve made it clear that our rating will be downgraded if we don’t sufficiently face our long-term debt crisis.