Thursday, January 26, 2012
Debt Ceiling Travesty
Once again the debt ceiling was raised. The Washington Post writes: "The latest hike in the debt ceiling will lift the federal borrowing limit from $15.2 trillion to $16.4 trillion, an increase that will see the country through the end of the year." The way this was accomplished was despicable and not what you would want to see from our elected ersatz leaders. My quickie point, I have seen a short video clip were a congress person solemnly pontificates on how the debt ceiling has to be raised, since the money has already been spent! A totally idiotic comment. If you know that you are approaching the credit limit, stop spending (or raise revenues). A simple economic solution that Congress and the President do not seem to grasp.