Editor,
Many people don’t understand the importance of the debt ceiling fight. It’s crucial because no household, business or government can continually borrow and spend more than it “makes.” Our government has been doing just that by doubling our government debt to 123% of GDP from 67% in 2002.
This will inevitably lead to much higher inflation, high mortgage rates and devalued wages and retirement funds. Inflation and higher interest rates are just another form of a government tax. Eventually direct taxes have to be increased on everyone and everything thing we buy. Politicians are the only beneficiaries of higher debt which is why it’s so hard to stop.
Ed Kahl
Woodside
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(22) comments
Ed: And what do you suppose would happen if we don’t pay, - a debt primarily accumulated by Republican administrations, after Congressional approval? Don’t you pay your own debts, consisting of things you approved of and purchased yourself?
Jorg - it is simple. Pay what you can under the current debt ceiling and scrap discretionary spending. Tell that guy in his green T-Shirt to knock on the doors of his European neighbors and cut our Ukraine support to zero. Then, as an alternative, follow Speaker McCarthy's idea and raise the debt ceiling while committing to spending reductions. We need to start living within our means and that goes for both parties.
Well said, Dirk.
No, not well said Dirk. The U.S. should not reduce its support to Ukraine to zero as that country is fighting for its democracy and for democracies around the world. As to Speaker McCarthy, he has not had an idea of his own since he took office. Approve to pay what we have already spent period.
Rel - you are smart enough to understand that this conflict in Ukraine has nothing to do with democracy. Ukraine is a corrupt, one party, press suppressed and religious intolerant country. We have nothing in common with their government if you can even call them that. The war out there is sponsored by our military contractors, major donors to the Biden cabal. The billions stay here and Lord knows where the materiel is ending up. Foreign press reports that those at the front do not see much of what we are told is being shipped there. Sorry, but this is a propaganda-based war that is making the Ukrainians suffer needlessly. And I do not know where you get your information but Speaker McCarthy has been quite effective in keeping the Biden weaponization of the AG and the DOJ on their toes.
Hello, Rel
So... you're OK with the president's plan to spend somebody else's money on somebody else?
Dirk,
Sounds like you are saying Russia is the good guy and justified in taking over Ukraine.
Dirk, last I checked, Zelensky was freely elected, which qualifies for a rudimentary democracy. Not the least, all other countries recognize Ukraine as a democracy. Perhaps you also missed the headlines where our supplied missiles are striking down the hypersonic bombs Russia is aiming at Kiev. All but one were hit. Think of the lives and destruction we have helped to save.
Ray, in the context of Ukraine, I am very happy we are using my tax money for Ukraine's use. From a military point of view, I am also happy our boots on the ground are not subject to their warfare.
Wow, Dirk, way to parrot Russian talking points as they demolish a free democracy on their border. They won't stop there and our investments in helping Ukraine are necessary to our long term security. If we are going to cut military spending (as we should), that is the last place to start.
Dirk: What do you mean by "religious intolerant country"? Too orthodox Russian Catholic, or something else?
Dirk, holding the debt ceiling hostage looks like just another typical Republican trick to make it harder for a Democratic administration to do their job, for our mutual benefit. Spending negotiations are necessary, of course, but should be kept separate and include a more reasonable taxation of the superrich, as President Biden has proposed.
Holding back help for Ukraine will in all likelihood be far more costly in the long run, but why Social Security is even on the table, I do not understand. SS was supposed to be self-sufficient and independent, as far as I remember.
Good morning, Jorg
I think Ed's reference to the "debt Ceiling fight" is about the current negotiations in DC and the negative effects of the administration's proposal to spend trillions more dollars we don't have. Perhaps Ed can clarify his position.
OK, Ray, but why hold the debt ceiling hostage, spreading fear around the world that it may not be raised to pay for what Congress has already approved?
Interesting response. CNN poll shows 60% of Americans support raising the debt ceiling only if spending cuts were included. About one-quarter of those polled believed the ceiling should be raised no matter what. So, who is being held hostage?
Ray,
As they say, the devil is in the details. I wasn’t polled and my guess is no one on the comments today was polled. Who was polled demographically, politically, age etc.? What or how was the question(s) phrased?
Do you buy gas with a credit card and then put a note with your payment that says the price you charged me was too high so I will only pay half or not pay at all? You agreed to pay the price at the time and I think you pay your bills for things you buy. The debt ceiling and reducing spending are apples and oranges as I see it. Congress agreed to spend the money and it must be paid. The amount should not be held hostage over future spending. Pay the bills and argue over future spending as a separate item. If you don’t want inflation and higher prices just default on the debt and see what you get.
Tafhdyd, ol' buddy!
You're correct. I doubt is anyone in this thread was asked to participate in the poll. However, as CNN is firmly ensconced on the left side of the aisle, it's fair to take from the poll that most Americans do not want to see the debt increasing the way our president would like. However, I'm not sure your credit card analogy is applicable. If your card was at its limit and you proposed to the card company that you should be allowed to incur more debt without a realistic expectation of paying down your balance, I think the card company would would want to see a commitment to stop spending.
Ray,
We agree that most don’t want massive spending increases and spending needs to be checked. What should and shouldn’t be spent is a subject too long for these pages. Regarding the credit card analogy. The congress is the bank and when the card was maxed out the bank (congress) ok’d the increase without the means to pay. End result is pay the bill and then start on solving the problem.
Tafhdyd... Yes! As you so wisely said, "We agree that most don’t want massive spending increases and spending needs to be checked."
Yes - the debt ceiling fight.
Nothing in the debt ceiling law requires either party to approve expanding our debt.. It's only purpose was to prevent our debt from growing out of control which it has by any measure.
Ed: The debt has grown far more under Republican administrations than under Democrats. Does that mean you no longer vote Republican, and that instead you’ll try to get President Biden reelected? If so, good! We will all be better off.
Mr. Kahl,
I agree with a lot of what you say. Government must rein in spending across the board. Words are cheap. The question is how do you propose to do that? With regards to higher inflation, mortgage rates, etc., default on the debt and see what you get.
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